A US investor group has taken ownership of the Formula E racing team founded in Monaco in 2013.
The Formula E team ROKiT Venturi Racing announced on 9 December that an investor group, led by Scott Swid and José M Aznar Botella, had purchased the team. Team Principal Susie Wolff and Founder Gildo Pastor will retain an interest.
ROKiT Venturi Racing described the purchase as the “start of a compelling new era for the team” and “a significant step forward.” The Monégasque brand also said that the purchase confirmed the appeal of Formula E as a “global business platform.”
A switch towards sustainability
“We have a new and forward-thinking investor group who see and feel the potential in the series and team as I do,” said team founder Gildo Pastor. “I know that the team is in very safe hands.”
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Scott Swid admitted that they were initially looking at investing in Formula 1, but investment partner José M Aznar Botella managed to change his mind. “Every forward-thinking corporate board in the world is cognisant of the importance of sustainability and is looking for ways to invest in its future,” said Swid.
Swid’s comments confirm a global trend that has seen sustainability and ESG factors climb up the agenda of investors.
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ROKiT Venturi Racing was the first manufacturer to join Formula E when it was first founded in 2013. It is Monaco’s only Formula E racing team. Alongside its three year partnership with global telecommunications innovators ROKiT, Venturi Racing has in the past also partnered with Mercedes-Benz.