Formula E continues to form key partnerships for the category’s growth on a global scale. The series announced that Liberty Global will acquire Warner Bros Discovery’s shares in the all-electric racing series.
According to Formula E. the acquisition of the shares will bring Liberty Global’s total stake in Formula E to 65% and will mean Liberty Global will have a majority stake in the world’s fastest growing motorsport.
Formula E is the world’s only FIA-approved all-electric motor racing world championship, the world’s #1 ESG-rated sport and the first zero-carbon sport since its inception.
Goals Achieved
Now in its tenth season of all-electric urban racing, Formula E boasts one of the world’s best and most diverse sporting calendars, with 16 races in some of the world’s most iconic urban locations, spanning four continents.
Now, with nearly 400 million fans worldwide, 11 teams and 22 world-class drivers on the grid, Formula E has become a destination for the best motorsport talent on the planet, including Jaguar TCS Racing, TAG Heuer Porsche Formula E Team and NEOM McLaren Formula E Team.
At the recent Monaco E-Prix, Formula E unveiled its new car for Season 11, the GEN3 EVO, capable of accelerating from 0-60 mph in an incredible 1.82 seconds, around 30% faster than a current Formula 1 car.
Read also: Formula E Presents Provisional Schedule for Season 11
“First and foremost, I would like to thank Warner Bros Discovery for the support and guidance they have provided to Formula E over the past nine years,” said Jeff Dodds, CEO of Formula E. “We are proud to be a part of the Formula E team,” said Jeff Dodds, Formula E CEO.
“Liberty Global has 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,” he added.
For his part, Mike Fries, Chief Executive Officer of Liberty Global, expressed his enthusiasm for acquiring a majority stake in Formula E.
“Formula E has enormous potential to continue to grow while integrating the most advanced sustainability standards into the sport. The investment follows our approach of disciplined capital rotation across our portfolio companies and our strategy of making long-term investments in highly attractive businesses,” he concluded.
