Liberty Global taking Warner Bros Discovery stake in FE

Liberty Global will take a controlling interest in the world’s electric car racing series the ABB FIA Formula E World Championship.

The Formula E (FE) announcement follows the unveiling of the Season 11 race calendar featuring races in Miami, Jakarta and double-headers in Monaco and Shanghai.

Liberty Global will have a 65% ownership share in FE once the shares deal is completed, expected by the end of this year.

In its 10th season of racing FE has16 races, almost 400 million fans,11 teams and 22 drivers.

Teams include Jaguar TCS Racing featuring Kiwi drivers Nick Cassidy and Mitch Evans, the TAG Heuer Porsche Formula E Team and NEOM McLaren Formula E Team.

At the Monaco E-Prix, Formula E revealed its new car for Season 11, the Gen3 EVO, capable of accelerating to nearly 100km/h in 1.82 seconds, around 30% faster than a current Formula 1 car.

“First of all I’d like to offer my thanks to Warner Bros. Discovery for the support and guidance they’ve provided Formula E over the past nine years,” says FE chief executive Jeff Dodds.

“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.”

Liberty Global chief executive Mike Fries says FE has a “massive potential for further growth while integrating the most advanced sustainability standards in sports”.

The transaction is subject to regulatory approval, with closing expected before the end of 2024.

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