P1racenews AI automatic summary:
The team previously known as ERT now has its Formula E future assured – but it’ll have a different name for the 2024-25 season, and is giving up its manufacturer status to run year-old Porsche powertrains too
The Formula E team formerly known as ERT has secured its future through acquisition by the Los Angeles-based asset management company Forest Road Company. Under the new ownership, the team will now be called Kiro Race Co and will race with season-old Porsche powertrains under the car name Porsche 99X Electric WCG3. The acquisition was financially backed by David Kaplan and Bennett Rosenthal, co-founders of Ares Management, with Rosenthal taking on a managing role, while Kaplan will oversee the team as managing partner. The Kiro team, derived from the term meaning “bright light” in various languages, will continue to be based in Silverstone, run under an American license, and retain Dan Ticktum as their driver alongside likely teammate Sergio Sette Camara. The Forest Road investors, known for their expertise in media and renewable energy, are expected to bring significant value and growth to both the team and Formula E. Team principal Alex Hui expressed enthusiasm for the collaboration, emphasizing the potential for future success and high-level competition with the support of Forest Road and Porsche Motorsport.
