Formula E: American firm set to take over ERT Formula E outfit
Investment firm, the Forest Road Company has announced the it has acquired ERT Formula E Team which will be rebranded as Kiro Race Co and will race under an American license while maintaining Silverstone operations.
The Forest Road Company, a Los Angeles-based investment firm has acquired 100% of the ERT Formula E team, the company has now announced.
As part of the takeover, the team will be rebranded as Kiro Race Co and ahead of Season 11 of the Formula E World 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. With the backing of Forest Road, as well as David Kaplan and Bennett Rosenthal, Co-Founders of Ares Management, Kiro Race Co is positioned for the long term and will be focused on driving sustained growth. David Kaplan will act as Managing Partner of the team.
In addition, the team has also announced a technical partnership with Porsche Motorsport. This collaboration will see Kiro Race Co equipped with Porsche's twice world championship-winning technology.
The Porsche 99X Electric of GEN3 becomes the Porsche 99X Electric WCG3, featuring upgrades to common components to comply with new GEN3EVO regulations.
Commenting on the announcement, Kiro Race Co's team boss Alex Hui noted: "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, who acts as Managing Director of Forest Road commented: "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."
Formula E's CEO Jeff Dodds noted: "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."
CEO of Liberty Global, Mike Fries commented: “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.”
