- All-electric series is majority owned by Liberty Global and also counts PIF as an investor
- Dodds believes prioritising profit now would prevent Formula E from realising business potential
Formula E is prioritising investment in the long-term development of the sport over near-term profitability, says the series’ chief executive Jeff Dodds.
The all-electric series is two races into its 12th season but has yet to turn a profit as a motorsport championship. Its most recent financial accounts for 2023/24 showed pre-tax losses almost doubling to €78.3 million (US$92.2 million) – a record figure for Formula E.
Dodds, however, said the championship was opting to maximise long-term growth rather than focus on short-term financial returns.
“We could choose to be [profitable] if that was our priority,” Dodds told BlackBook Motorsport at the Mexico City E-Prix. “We could choose to be a nice, profitable business today.
“In reality, we’re lucky. We have a lead investor who owns a large portion of the business, which is Liberty Global. The CEO of Liberty Global, Mike Fries, has been very clear when he’s spoken. They see this as a huge growth asset for Liberty Global, and they also see this as an investment asset. For them, they need to invest in it to grow it.
“And, of course, the more you invest in adding races to the calendar and developing next generation cars, you’re investing with a view to maximising the value of the asset in the future. I think if the choice was to just run the business for profit today, we wouldn’t anywhere near maximise the ability of what this business could go on to be from a value perspective.
“I’ve been asked that question a few times and this is a very much a strategic choice. We want to embrace the development of the technology. Embrace a growth in the calendar. Embrace doing things like Evo Sessions and marketing to grow the championship, to take this product to new fans, and that’s very much the commitment that Liberty have made.”
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Liberty Global acquired a controlling stake in Formula E in 2024, purchasing shares owned by Warner Bros Discovery (WBD) to take its ownership to 65 per cent.
Formula E’s 2023/24 accounts show total revenue of €189.6 million (US$223.3 million), down 13.7 per cent year-over-year. In terms of sponsorship, title partner ABB was reportedly paying US$25 million per season to Formula E, although it is unclear whether this figure changed following the extension agreed last year.
The series also generates relatively limited revenue from broadcast rights. These are estimated at approximately US$5 million per year globally by analytics firm Ampere Analysis, reflecting Formula E’s strategy to prioritise reach and visibility via free-to-air (FTA) distribution, rather than focusing solely on media rights income.
In addition to principal owner Liberty Global, Formula E has significant backing from Saudi Arabia’s Public Investment Fund (PIF), which is a minority stakeholder.
Indeed, Sabic – which is majority controlled by PIF-owned Aramco – is another major sponsor of the championship, further highlighting Formula E’s links to Saudi capital.
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