F1 and MotoGP owner adds Formula E to its portfolio
Liberty Media, the group that controls F1, and recently bought MotoGP, has added Formula E to its roster. Here’s more …
The John Malone-controlled group of entities otherwise known as Liberty Media, has added Formula E to its growing list of motorsport concerns. The all-electric open-wheel racing series is yet another global competition added to Liberty’s roster, following the recent buyout of MotoGP.
Liberty Media’s first major motorsport acquisition, Formula 1 in 2017, has been transformative for not just the company but the sport itself. Chief among its tactics when acquiring F1 seven-years ago was to create the now hugely popular Drive to Survive show on Netflix. And to introduce shorter F1 Sprint races, as well as up the publicity element to the sport by visiting mega venues outside of Europe.
NOW FORMULA E
“The success factor in recent years is that we understand that if you present an event only as a sporting event, you lose popularity,” says F1 CEO Stefano Domenicali. The F1 supremo was talking in an appearance this week on the Italian podcast 2046. Since 2017, Liberty Media has turned F1 into more than a motorsport, and it has won fans in previously untapped markets like the United States, thanks to popular Miami and Las Vegas races.
Liberty Media’s statement said it will acquire the shares formerly held by Warner Bros. pending regulatory approval, taking its stake to a controlling 65 percent overall. “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten years ago,” said Liberty Global CEO Mike Fries.
“Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports,” concluded Fries. Earlier in the year, following Liberty’s $4-billion purchase of MotoGP, the CEO nixed rumours that the two series will race together on a weekend. So, as cool as it sounds, the four-wheel race cars of Formula 1 and E will not be heading out with their two-wheeled equivalents from MotoGP on track anytime soon. – with GMM
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