The telecom giant, Liberty Global has strengthened its commitment to sustainable motorsports by acquiring Warner Bros. Discovery‘s stake in Formula E.
This deal has granted Liberty Global a controlling 65% ownership of the electric racing series. Financial terms remain undisclosed.
The acquisition reflects Liberty Global’s belief in Formula E’s potential. The championship is a leader in sustainable racing, boasting net-zero carbon operations and races held in iconic city centres.
Jeff Dodds, CEO, Formula E, said, “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.”
Mike Fries, CEO, Liberty Global, said, “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly 10 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.”
The acquisition awaits regulatory approval and is expected to close by year-end. This move has solidified Formula E’s position as a frontrunner in electric motorsports and paves the way for further innovation.
Liberty Global is a major international telecom and media company headquartered in London, Amsterdam, and Denver. The company delivers broadband internet, television, and mobile services to residential customers across Europe, focusing on innovation and next-generation technologies.
The 2024 Formula E marks a monumental 10th anniversary season. The high-octane competition features Gen3 cars battling it out in 16 global locations.
The upcoming Hankook Portland E-Prix on June 29 and 30 promises more action. Nick Cassidy with 167 points currently leads the driver standings, with Pascal Wehrlein (142 points), Mitch Evans (132 points), and Oliver Rowland (131 points) hot on his heels. India’s Jehan Daruvala adds another exciting element, racing for Maserati MSG Racing.