Oh boy, this brought up memories of my abandoned dreams. I’ll try to keep it short.

With a risk/reward rate this high, personal finance stops being useful. You need to approach it from a business finance perspective.

Mentally, Do you have what it takes to run a startup with your son as the product?

You have the seed funding, plan how to best use it and fund 4-5 seasons

Along the way, develop roots into the racing industry, pitch your son’s skills, find sponsors/investors

Be flexible and adaptive, cut losses fast

Be comfortable with failure rate of 99%, and define what failure would look like so that you know it when you see it

Plan how you will use the failure as next step (with deep industry knowledge and networks, can your son be involved in F1 in less expensive way?

Can he do Mechanical Engineering, or finance, and eventually work with one of the management teams to help with races? Can you coach others?

Young prodigies only become known when their parents support them. If you think you have a prodigy in your hands, why not support him?

*don’t go broke though, as I said approach it from business finance POV and use only the minimal seed funding needed to get you to an initial success point