Formula E secures new investors
Formula E has secured investment from two companies controlled by American media mogul John Malone.
Liberty Global, owners of Virgin Media in the UK, and Discovery Communications, which owns Discovery Channel as well as controlling European motorsport cable network Eurosport, have become shareholders in Hong Kong-based Formula E Holdings. The two companies also have a joint stake in All3Media, the UK's largest independent television and digital production company.
"It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season," Formula E boss Alejandro Agag said. "The experience and knowhow they bring will provide a significant boost to Formula E."
The exact investment by the two companies, nor the percentage of their shareholding, have to be divulged by Formula E. The all-electric series has denied that the new shareholders have acquired the stake of one of the founding investors in the championship, Spanish billionaire Enrique Banuelos.
The new investment comes at a time when Formula E was known to be facing cash-flow problems.
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