Theodore Racing (Chinese: 徳利賽車隊香港) was a Formula One constructor from Hong Kong founded by real estate magnate and millionaire Teddy Yip.

In the early 1970s, amateur racer Yip met Sid Taylor and agreed to sponsor Vern Schuppan in Formula 5000.

After a moderately successful half season in 1977, with driver Patrick Tambay scoring four points and finishing 17th overall, Yip commissioned Ron Tauranac to build him an F1 car.

The car, called the Theodore TR1, was difficult and Eddie Cheever failed to qualify in both Brazil and Argentina but then Keke Rosberg took over and won the International Trophy at Silverstone in the wet.

The car was driven by Derek Daly, Patrick Gaillard, and Marc Surer but there were no points scored.

At the end of the year Teddy also funded a British F1 programme with a Wolf WR6 for David Kennedy and helped Desiré Wilson to become the first woman to win a Formula 1 race – albeit a national event.

With Sid Taylor and Julian Randles he established Theodore Racing Ltd. and recruited Tony Southgate and team manager Jo Ramírez.

The result was a huge success and Theodore Racing has won the event a record seven times,[citation needed] notably with Ayrton Senna in the first year of F3.

After Briton Alex Lynn won the race, Teddy Yip Jr. said, "This was a fairytale way for the Theodore name to return to the great Macau Grand Prix in its anniversary year.

To be with SJM to witness Alex's victory is an emotional day, and a fitting tribute to my father's contribution to this great Macau event.

"[1] Teddy Yip Jr. joined forces with Formula Three Champions, Prema Powerteam for a second consecutive year in 2014, entering a three car Macau Grand Prix team with drivers Nicholas Latifi, Esteban Ocon and Antonio Fuoco.

The trio of SJM Theodore Racing by Prema entries for the 2015 event, which utilise Mercedes-Benz powered Dallara Formula 3 cars, will be driven by Sweden's Felix Rosenqvist, Jake Dennis of Great Britain and Canada's Lance Stroll.

[citation needed] The 2017 Macau GP and FIA F3 World Cup event saw SJM Theodore field Callum Ilott alongside Mick Schumacher, Maximilan Gunther and Guanyu Zhou in their line up of four Mercedes-Benz Formula 3 cars.

Ilott went on to win the Macau Qualifying Race for SJM Theodore by Prema with a lead of 7.957s ahead of the rest of the field.

At the season-opening Datsun Twin 200 at Ontario Motor Speedway with Simpson finishing in ninth and Krisiloff retiring due to clutch issues.

Theodore would return in 1979 to sponsor All American Racers in the SCCA/CART PPG World Series for # Eagle 79-Cosworth DFX driven by Mike Mosley.

At the 1982 Indianapolis 500 (counted toward the 1981–82 USAC Gold Crown Series) Theodore would field with Bob Fletcher Racing a car for Desire Wilson, the No.

[2] In 1983, Theodore supplied factory-backed chassis for Tom Sneva and Kevin Cogan, fielded by Bignotti-Carter Racing.

Later in the season, Cogan used the chassis with a Cosworth DFX at the Provimi Veal 200 at Road America and the Escort Radar Warning 200 at Mid-Ohio Sports Car Course.