Formula E has announced that The Forest Road Company, a Los Angeles-based investment firm, has acquired 100% of the ERT Formula E Team, which has rebranded as Kiro Race Co.

Forest Road acquires Formula E team, rebranding to Kiro Race Co ahead of season 11

October 15, 2024 Richard Alvin

Formula E has announced that The Forest Road Company, a Los Angeles-based investment firm, has acquired 100% of the ERT Formula E Team, which has rebranded as Kiro Race Co.

The team is entering Season 11 of the ABB FIA Formula E World Championship with a fresh vision and ownership, marking a significant milestone in its history.

Forest Road, known for its expertise in media and renewable energy, aims to drive growth and innovation in the electric racing series. With backing from co-founders of Ares Management, David Kaplan and Bennett Rosenthal, Kiro Race Co is set for long-term success. Kaplan will serve as Managing Partner, leveraging his investment experience to propel the team forward.

Kiro Race Co also announced a technical partnership with Porsche Motorsport, securing access to their championship-winning powertrain technology. This collaboration will be key to the team’s ambition to climb the rankings and compete at the highest level of Formula E.

Forest Road’s investment is seen as a strong endorsement of Formula E’s growth potential, with the sport’s global TV audience increasing by 35% and fanbase growing by 23% during Season 10. The recent acquisition of a controlling stake in Formula E by Liberty Global further highlights confidence in the future of the series.

Talking about the move, 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.”

Jeff Dodds, CEO of Formula E, added: “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.”