Yao Ming's Yao Capital Becomes Latest Formula E Investor
Formula E is receiving further investment after it was revealed that Yao Capital has become the latest shareholder in the electric racing circuit. Yao Capital, which was founded by former NBA player Yao Ming and a number of other Chinese investors last January, has acquired an undisclosed stake in the FIA-sanctioned racing series. The announcement comes only days after Miami-based Motorsport Network secured a stake in the series. Yao Capital said in a statement, "Yao Capital has officially become a shareholder of Formula E. FE is a young and fast growing international electric car racing championship." The company also stated that Formula E's characteristics of sustainable racing in the heart of cities attracts a young demographic. In addition, Formula E's biggest shareholder Liberty Global and Yao Capital are co-investors in kickboxing promoter Glory Sports. Formula E, which launched on the streets of Beijing in '14, currently has no event on the Chinese mainland. However, the series kicked off its current season with the inaugural Hong Kong ePrix. The championship currently features one Chinese team, Techeetah. Formula E did not respond to a request for comment from SBD Global.