The ABB Formula E FIA World Championship‘s newest team announced that it had expanded its ownership to a group of high-profile, highly strategic investors, including Gold Globe-winning actor, producer, and rapper Idris Elba.
Based in Los Angeles, California, Kiro Race Co has partnered with the Spanish CUPRA automotive brand in a multiyear agreement to support competitive race car development and completion in the exciting Formula E series.
Why Idris Elba believes in Formula E
“Formula E is at the perfect intersection by blending sport and global entertainment with sustainability,” Elba said. “I’m proud to be joining the grid with CUPRA KIRO at this pivotal moment. The team’s vision for the future, desire to innovate, and commitment to excellence resonate with me on a deep, personal level, and I’m looking forward to playing my part in its journey to the front of the grid.”
According to Formula E CEO Jeff Dodds, the ABB Formula E organization welcomes the investor group for Kiro Race Co and sees advantages for the Formula E Championship from the endorsement by such a powerful group.
“The arrival of this new investor group marks a transformative moment for Kiro Race Co and serves as a resounding endorsement of its strategic growth plan” Dodd said. “This impressive group brings unparalleled expertise and a diverse, well-rounded perspective that will catalyze growth not just for the team, but for the entire championship.”
The investment group
The group’s lead investors are David Kaplan, the team managing partner, and Bennett Rosenthal, the lead managing owner of the Los Angeles Football Club (LAFC).
In addition to Idris Elba, the other investors are Tony Ressler, the principal owner of the Atlanta Hawks; Larry Berg, co-managing owner of LAFC; Shaun Neff, co-founder of Beach House Group, co-owner of SUNBUM, LAFC, and X Games, and founder of Neff Headwear; and Navid Mahmoodzadegan, co-founder and co-president of N=Moelis & Company.
The list of heavy hitters continues with Steve Bornstein, president of North America, Genius Sports and former president and CEO of ESPN and the nFL Network.
Rick Hess, senior advisor for The Forest Road Company and co-founder of Evolution Media; Jeffery Assaf, senior managing director and chief investment officer of ICG Advisors; Caleb Kramer, strategic advisor of The Forest Road Company and former managing director and portfolio manager of Oaktree Capital Management; and Micheal Woronoff, partner with Kirkland and Ellis, LLP, are also members of the group.
