Telecommunications company Liberty Global is set to acquire the shares held by Warner Bros. Discovery in Formula E. Upon completion of the transaction, Liberty Global will hold a 65% ownership stake, giving it a controlling interest in the rapidly growing motorsport series.
The announcement comes on the heels of Formula E unveiling its Season 11 race calendar. Entering its 10th season, Formula E features a diverse calendar with 16 races in locations across four continents, including races in Miami, Jakarta and double-headers in Monaco and Shanghai, as well as in other key global cities..
Formula E, sanctioned by the FIA, is the only all-electric world motor racing championship. It is recognized as the top-rated ESG (environmental, social and governance) sport and is the first sport to achieve net-zero carbon status from its inception.
Jeff Dodds, CEO, Formula E, said, “First of all I’d like to offer my thanks to Warner Bros. Discovery for the support and guidance they’ve provided Formula E over the past nine years. Liberty Global have a proven track record of building and growing businesses and their investment in us comes at the perfect time as we plan for a period of exponential growth.”
Recently, at the Monaco E-Prix, Formula E introduced its new car for Season 11, the GEN3 Evo.
Mike Fries, CEO, Liberty Global, said, “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly 10 years ago. Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports. The investment continues our approach of disciplined capital rotation across our Ventures portfolio and our strategy of making long-term investments in highly attractive businesses.”
The transaction is subject to regulatory approval, with closing expected before year end.
