Liberty Global, a leading telecommunications and media company, has made a significant move in the motorsports world by acquiring a controlling stake in the FIA Formula E championship. This strategic investment will see Liberty Global’s ownership share in the all-electric racing series rise to 65%, following the purchase of shares previously held by Warner Bros. Discovery.
Mike Fries, CEO of Liberty Global, expressed excitement about the investment: “Formula E has 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”.
🚨BREAKING | Liberty Global acquires controlling stake in FIA Formula E.
Liberty Global will acquire shares previously owned by Warner Bros. Discovery and bring their ownership in the championship to 65%.#FormulaE pic.twitter.com/IXh6QlEvSd
— Desi Racing Co. (@DesiRacingco) June 13, 2024
Formula E is not your typical racing championship. As the only FIA-sanctioned all-electric world motor racing series, it combines cutting-edge technology, sustainability, and thrilling city racing. Formula E has been committed to sustainability from its inception. It is the first net zero carbon sport, emphasizing electric mobility and environmental consciousness.
Recently unveiled during the Monaco E-Prix, the new Formula E car for Season 11—the GEN3 Evo—accelerates from 0 to 60 mph in just 1.82 seconds. That’s approximately 30% faster than a current Formula 1 car and quicker than any other FIA-sanctioned single-seater.
Liberty Media Completes Acquisition of Formula 1: A New Era for Motorsports
Liberty Media Corporation made headlines in the motorsports world when it successfully acquired the commercial rights to Formula 1 (F1) from a consortium of sellers. This landmark deal, valued at $4.4 billion, marks a significant shift in the ownership landscape of the iconic global racing championship.
Chase Carey expressed excitement about the acquisition, emphasizing the untapped potential within F1. He pledged to work closely with fans, teams, promoters, and sponsors to enhance the racing experience and introduce fresh dimensions to the sport. Liberty Media’s investment aims to secure long-term success and enjoyment for all involved.
Until 2016, F1’s commercial rights were held by private equity firm CVC Capital Partners, which owned a substantial 63.4% stake in the Formula One Group. However, in late 2016, CVC sold its F1 stake—including the holding company Delta Topco—to Liberty Media. The deal, worth $4.4 billion, set the stage for Liberty’s entry into the world of Formula 1.
Formula 1 is more than just a racing series; it’s a global phenomenon. With Liberty Media at the helm, we can expect innovative strategies, expanded reach, and a renewed focus on sustainability. As the Liberty Media Group transitions to the Formula One Group, fans and stakeholders eagerly await the next chapter in F1’s storied history.
