The telecommunications company will see its ownership of Formula E increase to 65%, making it the controlling shareholder of the series, while the remaining 35% will be made up of minority shareholders.
Liberty Global, which initially invested in Formula E 10 years ago, will acquire the shares from Warner Bros Discovery and intends to complete the transaction by the end of 2024, subject to regulatory approval.
The deal is independent of Liberty Media’s ownership of Formula 1 and its expected future control of Dorna Sports, which manages MotoGP and the Superbike World Championship.
The announcement comes as Formula E prepares for its 11th season, with the 2024-25 calendar released on Tuesday, featuring a double round in Monaco and a new stop in Miami in the 17-race programme.
Jeff Dodds, Formula E’s chief executive, stressed that investment will focus on car technology, the expanding calendar and promotion of the series.
“The key areas of growth have been the technology of the car, the leap between generation 3.5 and 4 is significant, and with only two and a half years to go, it will be an incredible race car,” Dodds said.
“The second area is where we race, where we take our show and how we aim to attract new audiences. This week we announced our 2024-25 calendar, which is our longest ever, and as motorsport fans I hope you can appreciate that there are some iconic and bold choices.”
Pascal Wehrlein, Porsche, Porsche 99X Electric Gen3, Antonio Felix da Costa, Porsche, Porsche 99X Electric Gen3
Photo by: Andreas Beil
“The third aspect concerns ‘noise’. Working with talent, marketing, PR, social media, digital activation to make more people aware of the championship of which we are custodians and which has led us to grow our fan base at nearly 400 million.”
“We are on the verge of unlocking this exponential growth. For this reason, having such a committed investor like Liberty Global backing us at a time when we are increasing our presence, we are investing in technology and we are investing in the next generation is absolutely critical “.
“This is a pivotal moment for Formula E. Like any sporting platform, Formula E needs capital and belief,” added Mike Fries, CEO of Liberty Global. “We are fully intent on providing both at this critical time.”
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