Kiro Race Co Welcomes Powerhouse Investor Group to the Formula E Team

Kiro Race Co (KIRO), the newest team competing in the FIA Formula E World Championship as CUPRA KIRO, announced expanded ownership with a group of highly strategic investors as the fully electric motorsport series’ 2024/25 season continues. The Kiro Race Co ownership group now 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

KIRO is hoping the diverse investor group signifies the start of a compelling new era and will be pivotal in the strategic positioning of the team’s long-term growth as a sports franchise. It also 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.

A Shared Vision

“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.”

United by a shared vision of excellence, the investors plan to bring their unique perspectives to the world of motorsport to help strengthen the team’s position, 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 new joint livery to celebrate the CUPRA KIRO partnership at the Mexico City E-Prix in January 2025.

“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,” said Kaplan. “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.”