Formula E team acquired by US investment firm Forest Road
Los Angeles-based investment firm the Forest Road Company has acquired the Kiro Race Co Formula E team.
The ownership group also includes investment from Ares Management Co-Founders David Kaplan and Bennett Rosenthal.
Kaplan has been named as the new Managing Partner of the team, which was formerly known as the ERT Formula E Team until its recent rebrand.
Forest Road cited Liberty Global’s majority stake acquisition in Formula E earlier this year as a key driver in their decision to invest in a team.
The change in ownership comes ahead of the 11th season of the all-electric racing championship, which will commence on 7th December in Sao Paolo.
Alex Hui, Team Principal of Kiro Race Co, said, “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, added, “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.”
Stay up to date with the world of sports business by subscribing to the Sport Industry Daily.
