Tourism Breaking News
Formula E announced that Liberty Global Ltd. (“Liberty Global”) is to acquire shares held by Warner Bros. Discovery in the all-electric racing series. The acquisition of shares held by Warner Bros. Discovery will, on completion, bring Liberty Global’s total share of ownership in Formula E to 65% and mean that Liberty Global will take a controlling interest in the world’s fastest-growing motorsport. Formula E is the only FIA sanctioned all-electric world motor racing championship, the world’s No.1 rated ESG sport and the first net zero carbon sport from inception. In its 10th season of all-electric city racing, Formula E boasts one of the best and most diverse sporting calendars in the world, with 16 races in some of the world’s most iconic city locations, covering four continents. Now, with almost 400m fans around the world, 11 teams and 22 world-class drivers on the grid, Formula E has become a destination for the best motorsport talent on the planet, including racing teams Jaguar TCS Racing, TAG Heuer Porsche Formula E Team and NEOM McLaren Formula E Team. At the recent Monaco E-Prix, Formula E revealed its new car for Season 11, the GEN3 EVO, capable of accelerating to 60mph in an incredible 1.82 seconds, around 30% faster than a current Formula 1 car.
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 ten 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 transaction is subject to regulatory approval, with closing expected before year end.
