Teddy Yip Jr, born in La Jolla, California on 30 May 1982, is the principal of Status Grand Prix, a motor racing team in the GP2 series and GP3 series.
He spent his first 6 years growing up in Hong Kong before moving to London. Yip’s father Teddy Yip died in 2003 at the age of 96. His mother, Beverly Clark, is from Nova Scotia. Teddy Yip Jr is based in Oak Bay, Vancouver Island, Canada.
In 2013, he revived the Theodore name at the 2013 Macau Grand Prix, this idea came from Dr. Philip Newsome, the author of the biography of "Teddy Yip- From Macau to the World and back, for the 30th anniversary of Ayrton Senna's triumph at the former Portuguese enclave. Alex Lynn and Lucas Auer's cars were entered under the Theodore Racing by Prema banner. "Macau is an extremely important part of the Yip family history, and my father always wanted to play his part in helping out young drivers on the way to the top," said Yip. 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. 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."