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Formula 1 and Formula E under one roof: Surprising move by Liberty
Liberty Global have taken a majority stake in Formula E. The US company has acquired the shares from Warner Bros. Discovery. Liberty Global now owns 65 per cent of the electric class, giving it control.
Mike Fries, CEO of Liberty Global, said he was pleased with the purchase of the FE: "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."
Formula E aims to grow further with Liberty
Jeff Dodds, Formula E's CEO, first of all thanked Warner Bros. Discovery for the past period. "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."
Earlier this year, Liberty Media bought the rights to MotoGP. With Formula E, another battle has been struck, so three major racing classes belong to the same company.