Liberty Global takes control of Formula E after stake purchase

Liberty Global has acquired a majority stake of 65% in Formula E by purchasing shares from Warner Bros Discovery. This acquisition makes Liberty Global the controlling shareholder of the series, while the remaining 35% is held by minority shareholders.

The telecommunications company, which initially invested in Formula E a decade ago, plans to finalize the deal by the end of 2024, subject to regulatory approval. This move is independent of other investments by Liberty Media, such as Formula 1 and Dorna Sports, which manages MotoGP and the Superbike World Championship.

This announcement coincides with Formula E's preparation for its eleventh season, which includes a 17-race calendar, featuring a doubleheader in Monaco and a new round in Miami. Jeff Dodds, CEO of Formula E, has indicated that the investment will focus on improving car technology, expanding the calendar, and promoting the series.

Dodds mentioned three key areas of growth: car technology, with a significant advancement expected for the next generation; race locations, aimed at attracting new audiences; and the promotion of the sport through marketing, public relations, and social media. These efforts aim to increase the fan base of Formula E, which already has nearly 400 million followers. Mike Fries, CEO of Liberty Global, highlighted the importance of this moment for Formula E and expressed his intention to provide the necessary capital and conviction to support the growth of the series.