Liberty Global is to acquire shares held by Warner Bros Discovery (WBD) in the electric car racing series Formula E. The acquisition of shares held by WBD will, on completion, bring Liberty Global’s total share of ownership in Formula E to 65 per cent and mean that Liberty Global will take a controlling interest in the fast growing motorsport.
Formula E is the only FIA sanctioned electric world motor racing championship, the world’s No.1 rated ESG sport and the only net zero carbon sport from inception. In its 10th season of all-electric city street racing, the Formula E Championship boasts one of the best sporting calendars in the world, with 16 races in some of the world’s most iconic cities, covering four continents.
Now, with almost 400 million fans around the world, 11 teams and 22 drivers on the grid, Formula E has become a destination for the world’s best motorsport teams and talent. Current teams include Jaguar, Porsche, Maserati, McLaren, Nissan, DS, Mahindra, Andretti, Penske, Envision and ERT. At the recent Monaco E-Prix, Formula E revealed its new car for next season, the Gen3 Evo, which accelerates to 60mph in an incredible 1.82 seconds, around 30 per cent faster than a current Formula 1 car.
Mike Fries, CEO at Liberty Global, commented: “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten 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.”
Jeff Dodds, CEO at Formula E, added: “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. Having personally known and worked alongside the Liberty leadership team for over a decade, I’m thrilled to be able to further benefit from their expertise and their resources. This is a powerful vindication of the huge potential of our sport.”
The transaction is subject to regulatory approval, with closing expected before year end.
