Home Open Wheel Formula E Liberty Global gains controlling stake in Formula E

Liberty Global gains controlling stake in Formula E

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Liberty Global has acquired a controlling 65% stake in Formula E from Warner Bros Discovery. This significant move increases Liberty Global’s ownership share to 65%, positioning it as the controlling shareholder in the series, with the remaining 35% held by minority shareholders.

Liberty Global, which initially invested in Formula E a decade ago, will acquire the shares from Warner Bros Discovery, with the transaction expected to be completed before the end of 2024, pending regulatory approval. This acquisition is separate from Liberty Media’s ownership of Formula 1 and its planned future control of Dorna Sports, which manages MotoGP and the World Superbike Championship.

This announcement comes as Formula E gears up for its 11th season. The 2024-25 calendar features numerous events in Asia, including races in Jakarta, Tokyo, and Shanghai. There is also the potential for a new race in Chiang Mai, Thailand, which could further expand Formula E’s presence in the region.

Jeff Dodds, CEO of Formula E, emphasized that the investment will focus on advancing car technology, expanding the racing calendar, and promoting the series. “The key areas of growth have been the technology of the car. The jump between Generation 3.5 and 4 is significant, which is only two-and-a-half years away. It will be an incredible racing car,” Dodds stated. “The second area is where we race, how we take our show on the road, and how we attract new audiences. Our 2024-25 calendar is our biggest-ever, featuring iconic and bold moves.”

Dodds also highlighted the importance of increasing the series’ visibility. “The third focus is on noise – working with talent, marketing, PR, social, and digital activation to tell more people about the sport we are custodians of. This has led us to grow our fanbase to almost 400 million. We are on the cusp of unlocking exponential growth. Therefore, having a committed investor like Liberty Global at this time is crucial.”

Liberty Global CEO Mike Fries echoed Dodds’ sentiments, stating, “This is a pivotal moment for Formula E. Like every sports platform, Formula E needs capital and conviction. We are absolutely intending to provide both of those things at this critical moment.”

Stay tuned to Asian Motorsport for more in-depth coverage and insights into the world of Formula E.

Header image credit: Formula E

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