US-based investment firm Forest Road has purchased Chinese FIA Formula E team ERT, now known as Kiro Racing Co.
The company has acquired 100 percent of the team, and will now race under an American licence. It has also confirmed that, after much anticipated speculation, it will no longer be a standalone manufacturer, announcing a technical partnership with Porsche, gaining access to the German marque’s powertrains.
The team teased its changes last week, with its website and X account bearing its new name. The original announcement was due for October 10th, but Motorsport Week understands it was delayed in order for various final details to be completed.
Formula E has said that Forest Road “identified Liberty Global’s recent move to become Formula E’s majority shareholder as a clear sign of confidence in the series – with large headroom for ambitious growth across the championship – having already worked closely with the U.S. telecommunications investors on a number of successful deals.”
Alex Hui, who is remaining as Team Principal, 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, the Managing Director of Forest Road, said the company is “thrilled to enter Formula E,” adding: “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 also praised the move, saying: “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.”
There is currently no word yet on who will drive for the team, but Sergio Sette Camara and Dan Ticktum are expected to remain amid the transition.
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