Liberty Global Purchasing ABB FIA Formula E Series

• Liberty Global is acquiring shares previously held by Warner Brothers Discovery.

• The sale, expected to be completed by year's end, will elevate Liberty's stake in the series to 65%, establishing Liberty Global as the primary stakeholder of the FIA's sanctioned electric open-wheel race car series.

• In April, it was announced that Liberty Media had purchased the MotoGP motorcycle series for a reported $4.5 billion.

The Liberty empire has added another racing series to its portfolio.

Liberty Global, part of the Liberty group of entities led by billionaire John Malone, this week announced that it had acquired controlling interest in the ABB FIA Formula E series.

Liberty Media purchased controlling interest in Formula 1 in 2017.

In the deal, Liberty Global is acquiring shares previously held by Warner Brothers Discovery. When the deal is finalized, Liberty Global's ownership stake in Formula E will be 65%, establishing Liberty Global as the primary stakeholder of the FIA's sanctioned electric open-wheel race car series.

“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," said Formula E CEO 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.

Formula E is Liberty's second big racing acquisition in 2024. In April, it was announced that Liberty Media had purchased the MotoGP series for a reported $4.5 billion.

No dollar figures were announced with the Formula E deal.

“We’re excited to take a controlling interest in Formula E, a business we first invested in nearly 10 years ago," said Liberty Media Mike Fries. "Formula E has a 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.”

The Formula E deal is expected to be completed by year's end.

Formula E is in its 10th season of racing and has a schedule of 16 races, and the scored covers four continents. The series includes 11 teams and 22 cars on the grid.

The series makes it lone U.S. stop in Portland on June 29-30.