Formula E has today secured a substantial investment from Liberty Global plc and Discovery Communications Inc., with the pair becoming part of the shareholders group.
According to the Financial Times, Liberty Media’s main man John Malone, has become the biggest backer of Formula E after a deal to invest in Formula 1 stalled previously.
With sizable money behind Formula E, it is believed that the money will help take Formula E to the next level.
According to Formula E, the money will help create “an important step in the long-term development of the series and confirms its potential on the motorsport scene. Their strategic vision and strong financial backing will provide stability as well as creating a solid base from which the company can expand in the future.”
With the deal complete, an understandably buoyant CEO Alejandro Agag is looking forward to the future.
“It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season,” he said. “The experience and knowhow they bring will provide a significant boost to Formula E. We look forward to creating new opportunities together to develop and promote premium content for a global audience.”
Niall Curran, the President of Liberty Global’s media investment group, believes the deal is a natural fit.
“Like Formula E, our business is closely connected to sustainability, speed and entertainment, so this is a great match,” he said. “We are delighted to be supporting Alejandro and his team in building this new global sports media property, while building our portfolio of strategic content investments.”
From Discovery’s side of the deal, adding Formula E leads to an exciting portfolio. Interestingly, the ownership of Eurosport could potential see a new TV deal in the future.
“We are very pleased to join Formula E’s ownership group,” said Bruce Campbell, Discovery Communications Chief Development & Digital Officer and General Counsel. “With unmatched global distribution, our Velocity, Turbo and Eurosport brands, and 30 years of experience as a global media company, Discovery’s unique expertise will help develop this new and unique motorsport.”