In the early 1970s, amateur racer Yip met Sid Taylor and agreed to sponsor Vern Schuppan in Formula 5000. This led to Yip backing Schuppan in Formula One with Ensign in 1974. There followed further involvement in America with Schuppan and then support of Alan Jones in the US F5000 series in 1976. In Australia, Schuppan won the Rothmans International Series for Yip driving a Lola T332-Chevrolet in 1976. That year Yip established Theodore Racing. It was run by Taylor and entered an Ensign for Patrick Tambay in F1. After a difficult year in 1977, 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, although he qualified for only one GP in South Africa. The car was abandoned in the mid-season. In the US, Yip supported Dan Gurney's Eagle team.