LONDON, UK. Tuesday, 15th October. 2024 – Formula E is delighted to announce that The Forest Road Company – a Los Angeles-based investment firm – has acquired 100% of the ERT Formula E Team. The team recently rebranded to Kiro Race Co and is thrilled to enter Season 11 of the ABB FIA Formula E World Championship (the “Championship”) with a change in ownership and vision, marking a new chapter in its history.
Forest Road brings a wealth of experience investing, operating and advising in industry sectors experiencing growth and transformation. As an opportunistic investor with a proven track record in both media and renewable energy, Forest Road is well-positioned to drive significant value for the team and Formula E.
With the backing of Forest Road, as well as David Kaplan and Bennett Rosenthal, Co-Founders of Ares Management, Kiro Race Co is strategically placed for the long term and will be focused on driving sustained growth. David Kaplan will act as Managing Partner of the team, capitalising on his decades of investing and operating experience to achieve world-class performance. Together, this new ownership group brings a unique perspective to Formula E and is eager to leverage its extensive network to attract new partners and increase awareness of electric racing in the United States and around the world.
The independent team also announced today a technical partnership with Porsche Motorsport. This collaboration will see Kiro Race Co equipped with Porsche’s championship-winning powertrain technology. This partnership ensures access to cutting-edge performance and will be instrumental in Kiro’s ambitions to move up the grid.
Forest Road entering Formula E as a team owner is a strong endorsement of the series’ immense growth potential that grew its global TV audience by 35% to 491m in Season 10 alone, while increasing its global fanbase by 23% to maintain its position as the fastest growing motorsport on the planet.
The new U.S. owners also identified Liberty Global’s recent move to become Formula E’s majority shareholder as a clear sign of confidence in the series – with large headroom for ambitious growth across the championship – having already worked closely with the U.S. telecommunications investors on a number of successful deals.
Quotes from Key Stakeholders:
Alex Hui, Team Principal of Kiro Race Co: “This is truly a historic moment for our team. Bringing a US-based asset management group like Forest Road into Formula E is a testament to the series’ growth and our team’s potential. Their investment allows us to build with confidence for the future and compete at the highest level. We are excited to work with them and Porsche Motorsport to achieve our goals.”
Jeremy Tarica, Managing Director of Forest Road: “We are thrilled to enter The Formula E World Championship and start our journey as Kiro Race Co. The Championship is at a pivotal moment of maturation from a macro and micro perspective. As the world embarks on a massive transition to electric vehicles, the race product has achieved a significant breakthrough in technology with the fastest accelerating single-seater cars. We are committed to helping Kiro become a leading force in the industry.”
Jeff Dodds, CEO of Formula E: “This is a fantastic development for Formula E and for Kiro Race Co. It marks the entry of a sophisticated investor group with a strong track record in the sports and entertainment industry. This investment in the team and its ambitious new owners will help us continue to grow the Championship and make it more attractive to fans and partners around the world.”
Mike Fries, CEO of Liberty Global: “This investment further validates our decision to acquire a controlling interest in Formula E at this exciting moment for the championship. We are confident that Kiro Race Co, under the leadership of Forest Road, will further strengthen the series and help it to remain the fastest growing motorsport in the world.”
