Yip ran a fitness studio, a spa and dabbled in real estate in both Victoria and Vancouver.
[3] In October 2014, He bought GP2 outfit Caterham Racing from Malaysian aviation entrepreneur Tony Fernandes and relocated it to Silverstone to merge with Status Grand Prix.
Alex Lynn and Lucas Auer's cars were entered under the Theodore Racing by Prema banner.
[5] After Alex Lynn won the race, Teddy Yip Jr said, "This was a fairy tale way for the Theodore name to return to the great Macau Grand Prix in its anniversary year.
"[6] In 2016, Theodore Racing made another big step by heralding their return to the IndyCar Series, partnered with Graham Rahal, another one of Teddy Yip Sr.’s passions.