Yahoo Finance Formula E changes hands as Liberty takes controlling stake
Multinational telecommunications company Liberty Global are set to take a controlling stake in Formula E in a major move for the electric racing league.
Liberty Global is set to acquire the shares held by Warner Bros. Discovery, subject to the deal going through, to take its holding to 65 per cent.
Liberty Global is not related to Liberty Media, who own Formula 1 and MotoGP. But both organisations have the same chairman in John C Malone.
The transaction is subject to regulatory approval, with closing expected before year end.
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.”
