Formula E's newest team, Kiro Race Co, announces an expanded ownership group of global business leaders, sports innovators and strategic investors
Kiro Race Co ("KIRO"), the newest team competing in the FIA Formula E World Championship as CUPRA KIRO, is thrilled to announce expanded ownership with a group of highly strategic investors as the fully-electric motorsport series' 2024/25 season continues.
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Kiro Race Co's expanded ownership group includes Golden Globe-winning actor and producer Idris Elba, pictured at KIRO's Silverstone factory (Photo: Business Wire)
Joining lead investors David Kaplan and Bennett Rosenthal, the powerhouse investment group now includes: Golden Globe-winning actor and producer Idris Elba; major league sports team owners Tony Ressler, Larry Berg and Shaun Neff; media deal-makers Navid Mahmoodzagedan, Steve Bornstein and Rick Hess; and strategic advisors Jeffrey Assaf, Caleb Kramer and Michael Woronoff. This investment underscores the shared belief in Formula E's immense potential and growing commercial appeal, following the acquisition of Kiro Race Co by The Forest Road Company, a Los Angeles-based investment firm, in October 2024.
With unparalleled expertise across the business, media, sports, and entertainment sectors, the diverse investor group signifies the start of a compelling new era for KIRO and will be pivotal in the strategic positioning of the team's long-term growth as a sports franchise.
Kiro Race Co ownership includes:
- David Kaplan -Lead Investor Team Managing Partner, Kiro Race Co
- Bennett Rosenthal -Lead Managing Owner, LAFC; Lead Investor, Kiro Race Co
- Idris Elba Golden Globe winning actor, producer, and music artist
- Tony Ressler Principal Owner, Atlanta Hawks
- Larry Berg Senior Partner, 26 North; Co-Managing Owner, LAFC
- Shaun Neff Co-Founder of Beach House Group; Co-Owner, SUNBUM, LAFC and X Games; Founder of Neff Headwear
- Navid Mahmoodzadegan Co-Founder Co-President, Moelis Company
- Steve Bornstein President of North America, Genius Sports; Former President CEO, ESPN NFL Network
- Rick Hess Senior Advisor, The Forest Road Company; Co-Founder, Evolution Media
- Jeffrey Assaf Senior Managing Director and Chief Investment Officer, ICG Advisors
- Caleb Kramer Strategic Advisor, The Forest Road Company; Former Managing Director and Portfolio Manager, Oaktree Capital Management
- Michael Woronoff Partner, Kirkland Ellis LLP
United by a shared vision of excellence, each investor brings a unique perspective to the world of motorsport to not only strengthen the team's position, but to amplify its global impact and drive fan engagement.
This news follows a string of recent milestones for KIRO, with the team launching its Formula E journey by announcing a major multi-year co-title partnership with Spanish automotive brand, CUPRA, scoring a landmark points finish during its competitive debut at the São Paulo E-Prix in December 2024, and unveiling a bold new joint livery to celebrate the CUPRA KIRO partnership at the Mexico City E-Prix in January 2025.
Jeremy Tarica, Managing Director, The Forest Road Company
"Since we started our Formula E journey, Kiro Race Co has achieved several key milestones, from securing a multi-year, co-title partnership with CUPRA, to a top 10 finish on our competitive debut. Today's announcement marks the next step in our journey, underscoring our belief in Formula E's growth potential and our commitment to pushing boundaries. With our exceptional investor group bringing business acumen, cultural renown, and entrepreneurial drive, we are poised to accelerate KIRO's success and establish ourselves as a leading force in motorsport and beyond."
Idris Elba, Actor, Producer, and Kiro Race Co Investor
"Formula E is at the perfect intersection by blending sport and global entertainment with sustainability. 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."
David Kaplan, Lead Investor Team Managing Partner, Kiro Race Co
"Motorsport is one of the fastest-growing sports in the world, and Formula E was built with a future-focused mindset, founded in innovation and entertainment. Kiro Race Co is at the center of that. This next phase of Kiro Race Co allows us to build a global brand and strengthen our competitive edge. Formula E's growth trajectory is undeniable and will be accelerated by the unmatchable fan-focused race experience."
Bennett Rosenthal, Lead Managing Owner, LAFC; Lead Investor, Kiro Race Co
"Kiro Race Co's recent investment is driven by a deep belief in Formula E's potential as a sports platform and the team's ability to become a dominant force. The sports landscape is always changing, but with this capital raise, KIRO has placed itself at the forefront of transformation. We're taking big steps forward in our mission to turn KIRO into a global sports franchise."
Jeff Dodds, CEO, Formula E
"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. This impressive group brings unparalleled expertise and a diverse, well-rounded perspective that will catalyse growth not just for the team, but for the entire championship."
For more information, please visit kiroraceco.com.
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Contacts:
media@kiroraceco.com
