Idris Elba joins Cupra Kiro ownership group
Formula E team Cupra Kiro has expanded its ownership with British actor Idris Elba among the team’s new backers. The team joined Formula E this season after the former ERT outfit was bought out by …
Formula E team Cupra Kiro has expanded its ownership with British actor Idris Elba among the team’s new backers.
The team joined Formula E this season after the former ERT outfit was bought out by U.S.-based investment firm The Forest Road Company, with financing from Ares management co-founders David Kaplan and Bennett Rosenthal. It then got backing from Spanish premium car brand Cupra on the eve of the season.
“Formula E is at the perfect intersection by blending sport and global entertainment with sustainability,” said Elba. “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.”
Beth Paretta on how Formula E’s Gen 3 EVO car changes the game Crawford joins Formula E rookie test Formula E confirms more Evo Sessions celebritiesKiro, competing with customer Porsche powertrains this season, began the current Formula E campaign with an eighth-place finish for British driver Dan Ticktum at the Sao Paulo E-Prix.
“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,” said Jeremy Tarica, managing director of The Forest Road Company. “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.”
Also joining the fold is Atlanta Hawks principal owner Tony Ressler, Los Angeles FC co-owners Larry Berg and Shaun Neff – who is also a co-owner of the X Games action sports competition – co-founder and co-president of Moelis & Company Navid Mahmoodzagedan, former CEO and president of ESPN Steve Bornstein and co-founder of Evolution Media Rick Hess. Jeffrey Assaf, Caleb Kramer, and Michael Woronoff have also joined the team as strategic advisors.
“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,” said Rosenthal, who is also a part of the LAFC ownership group alongside new Kiro investors Berg and Neff. “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.”
Formula E CEO Jeff Dodds said the investments will benefit the series as a whole, not just the fledgling team.
“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,” he 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.”
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