The Formula E electric car-racing series has received further fresh investment with the news that Yao Capital, a Chinese private equity firm founded by former basketball star Yao Ming, has acquired a stake in the organisation.
The announcement comes following the weekend’s news that automotive digital technology business Motorsport Network had acquired an undisclosed stake in Formula E. The company said that the deal was part of a broader strategy to assume a leading position in “both the electric vehicle road car and electric racing media.”
In a statement, Yao Capital said: “Yao Capital has officially become a shareholder of Formula E. FE is a young and fast growing international electric car racing championship. Through its green and edgy characteristics, it attracts attentions from the major metropolises and the crowds across the world, especially among young groups.”
Yao Capital in September acquired a significant stake in Glory Sports International, which operates the Glory kickboxing series. The value or size of the shareholding, as with the Formula E stake, was not disclosed, but the deal was announced as Glory attempts to establish a foothold in Asia.
Yao Capital was established last year, with David Han, the former chief executive of Chinese conglomerate Wanda Group and managing director of the Carlyle Group, also involved.