Liberty Global has expanded its motorsport portfolio by acquiring a 65% majority stake in Formula E.
In what marks another expansion into the realm of motorsport, Liberty Global has recently secured a majority 65% stake in Formula E, the premier electric vehicle racing class. This acquisition, which saw shares purchased from Warner Bros. Discovery, enhances its role as a dominant player across various racing platforms.
The move grants Liberty Global a controlling interest in Formula E, adding to its growing portfolio of motorsport investments. The company, having been an investor in Formula E for nearly a decade, brings a seasoned appreciation and in-depth knowledge to the electric racing series. Mike Fries, CEO of Liberty Global, expressed his enthusiasm for this new venture.
"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 not only bolsters Liberty Global's influence in the world of motorsports but also aligns with its broader business strategies that focuses on sustainability and long-term capital growth."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.
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