Sunday, July 14, 2024

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Liberty Global gains controlling stake in Formula E

The telecommunications sector's share in Formula E will increase to 65%, thus becoming the controlling shareholder of the series, and the remaining 35% might be minority shareholders.

Liberty Global, which initially invested in Formula E 10 years ago, will take over the stake from Warner Bros Discovery and goals to finish the deal before the top of 2024, subject to regulatory approval.

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The deal is independent of Liberty Media's ownership of Formula 1 and planned future control of Dorna Sports, which manages MotoGP and the World Superbike championship.

The announcement comes directly as Formula E prepares for its eleventh season with the 2024-25 calendar published on Tuesday, the foremost focus of which might be a double-header in Monaco and a brand new round in Miami with a 17-race schedule.

Jeff Dodds, CEO of Formula E, said the investment would give attention to the automobile's technology, its expanding calendar and promotion of the series.

“The key growth areas were automobile technology. The jump between generations 3.5 and 4 is important, which is able to occur in only two and a half years. It's going to be an incredible race automobile,” Dodds said.

“The second area is where we race, where we take our show on the road and the way we attract recent audiences. This week we announced ours [2024-25] calendar and it's our biggest calendar ever, and as motorsport fans we hope you'll appreciate that it includes some iconic and daring moves.

Pascal Wehrlein, Porsche, Porsche 99X Electric Gen3, Antonio Felix da Costa, Porsche, Porsche 99X Electric Gen3

Pascal Wehrlein, Porsche, Porsche 99X Electric Gen3, Antonio Felix da Costa, Porsche, Porsche 99X Electric Gen3

Photo: Andreas Beil

“The third thing is noise. Working with talent, marketing, PR, community and digital activation to inform more people in regards to the sport we champion has led us to grow our fan base to almost 400 million.

“We are on the cusp of unleashing this exponential growth. That's why having a confident investor like Liberty Global behind us as we expand our reach, spend money on technology and spend money on generating noise is completely crucial.”

“This is a pivotal moment for Formula E. It is, like any sports platform, a moment when Formula E needs capital and conviction,” added Mike Fries, CEO of Liberty Global. “Without a doubt, we intend to provide both at this critical time.”

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