Formula E Receives Boost with Liberty Global Acquiring Controlling Stake
In a significant development, Liberty Global is set to take a 65% controlling stake in the FIA Formula E, acquiring the shares held by Warner Bros. Discovery. This move marks a major milestone for the electric racing series, which has just announced its largest-ever Season 11 calendar. As a leading telecommunications company, Liberty Global’s involvement is expected to propel Formula E forward, leveraging the company’s vast resources and expertise.
Liberty Global, founded in 2005 through the merger of UnitedGlobalCom and the international wing of Liberty Media, is no stranger to the world of motorsports. The company’s parent entity, Liberty Media, is also the owner of Formula One. Additionally, Liberty Global owns Virgin Media O2, where Jeff Dodds, the current CEO of Formula E, previously served as Chief Operating Officer.
Dodds expressed his gratitude to Warner Bros. Discovery for their support over the past nine years and welcomed the new partnership with Liberty Global. “Liberty Global has a proven track record of building and growing businesses, and their investment comes at the perfect time as we plan for exponential growth,” he said. “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 resources. This is a powerful vindication of the huge potential of our sport.”
Mike Fries, CEO of Liberty Global, shared his enthusiasm for the deal, stating, “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten years ago. Formula E has 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.”
This development is poised to have a significant impact on the future of Formula E, which has been gaining momentum with its growing calendar and commitment to sustainable racing practices. As the electric racing series looks ahead to its biggest season yet, the partnership with Liberty Global is expected to drive growth and innovation in the world of motorsports.
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