Forest Road Company has officially acquired 100 percent of ERT Formula E team from Season 11. The US-based investment firm willt race under the team Kiro Race Co from now on. Under American license, the team operations will be maintained in Silverstone, UK.
Forest Road, based in Los Angeles, invests in media and renewable energy sectors. According to a press release, the firm sees a huge potential and growth in Formula E, following the majority takeover by Liberty Global in June.
David Kaplan and Bennett Rosenthal, Co-Founders of Ares Management, will back the team financially as well, providing capital of the acquisition. Kaplan will take over the role as Managing Director. Kiro Race Co is strategically placed for the long-term, helping to grow the all-electric series around the world.
Kiro also announced a technical partnership with Porsche Motorsport, which will see the team being equipped with Porsche powertrain technology. The aim is to move up the grid with championship-winning material, delivered by the German manufacturer.
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.”
