Chinese media mogul buys stake in Formula E

Formula E has announced that CMC Capital Partners, founded by Chinese media mogul Li Ruigang, are to become a shareholder in the company.

The investment is led by CMC Capital Partners – China’s investor and operator in media and entertainment, sports, internet and mobile, and lifestyle sectors.

The consortium includes China’s sports marketing and management company SECA, a unit of CMC Capital group.

The companies didn’t disclose financial details, but CMC said the investment was in the “tens of millions of euros”, according to Beijing-based media group Caixin.

The championship, started in 2014, sees electric-powered cars produced by makers including Renault, Jaguar and Mahindra racing on the streets of major cities, with Hong Kong featuring last year.

Ruigang Li, founding chairman of CMC, said: “The global automotive industry is now undergoing profound changes with the power source shifting to renewable energy from traditional petrochemical.”

“China is playing a central role in promoting these changes with its vast auto market. The evolution of the auto industry has also brought historic opportunities for motorsports.”

Alejandro Agag, founder & CEO of Formula E, said China is an important player in the potential of electric vehicle manufacturing and production, and he said the partnership reinforces its intentions to promote sustainable mobility across Asia and Mainland China.

“We look forward to working closely with CMC Capital Partners, and continuing to grow the profile of Formula E in key territories across the globe.”