Liberty Media to increase stake in Formula E

John Mallone walked away from an IndyCar deal and instead works to make Formula 1 and Formula E global powerhouses while IndyCar remains a small domestic-only series

John Malone walked away from an IndyCar deal and instead works to make Formula 1 and Formula E global powerhouses while IndyCar remains a small domestic-only series

The owner of Liberty Media is in talks to tighten its grip on the Formula E motor racing series as it accelerates plans to join in the electric revolution according to rumors out of Europe.

Liberty Global, the New York-listed cable operator controlled by billionaire John Malone, is understood to be preparing to increase its stake in Formula E by buying out smaller shareholders in deals that would value the venture at about $700m.

Insiders said discussions to increase Liberty’s stake, currently just under 24pc, were at an early stage, but reflect the company’s belief in the electrification of vehicles.