Liberty Global Set to Become Controlling Shareholder of Formula E with 65% Stake
In a significant development for the world of electric car racing, Liberty Global is poised to increase its ownership share of Formula E to 65%, making it the controlling shareholder of the series. The remaining 35% will be held by minority shareholders. This move marks a major investment in the future of Formula E, which is gearing up for its 11th season with a thrilling 2024-25 calendar featuring a Monaco double-header and a new Miami round.
Liberty Global, which initially invested in Formula E 10 years ago, will acquire the shares from Warner Bros Discovery, with the deal expected to be completed by the end of 2024, subject to regulatory approval. Notably, this development is separate from Liberty Media’s ownership of Formula 1 and planned future control of Dorna Sports, which runs MotoGP and the World Superbike championship.
As Formula E prepares for its biggest-ever calendar, CEO Jeff Dodds outlined the investment will focus on advancing car technology, expanding the calendar, and promoting the series.
“The key areas of growth have been the technology of the car, the jump between generation 3.5 to 4 is significant, which is only two-and-a-half years away, it will be an incredible racing car,” Dodds said.
Dodds also emphasized the importance of showcasing the series in new and exciting locations:
“The second area is where we race, where we take our show on the road and how we attract new audiences. This week we announced our [2024-25] calendar, and that is our biggest-ever calendar, and as fans of motorsport hopefully you can appreciate there is some iconic and bold moves in there.”
Furthermore, Dodds highlighted the need for increased promotion and awareness of the series, stating:
“The third thing is about noise. Working with talent, marketing, PR, social, digital activation to tell more people about the sport that we are custodians of and that has led us to grow our fanbase to almost 400 million.”
Mike Fries, Liberty Global CEO, echoed Dodds’ sentiment, saying:
“This is a pivotal moment for Formula E. This is, like every sports platform, a moment when Formula E needs capital and it needs conviction. We are absolutely intending to provide both of those things and in this critical moment.”
With Liberty Global at the helm, Formula E is poised for exponential growth, building on its current momentum as a leading force in the electric car racing world. As the 2024-25 season approaches, fans can expect exciting developments in car technology, new and innovative racing locations, and increased promotion of the series.
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