Kiro Race Co gets new investors in Formula E, as IndyCar names new series boss and JOTA Cadillac firms its two crews for WEC run.
Kiro Race Co –
Kiro Race Co (“KIRO”), the newest team competing in the FIA Formula E World Championship as CUPRA KIRO, is thrilled to announce expanded ownership with a group of highly strategic investors as the fully-electric motorsport series’ 2024/25 season continues. Joining lead investors David Kaplan and Bennett Rosenthal, the powerhouse investment group now includes: Golden Globe-winning actor and producer Idris Elba; major league sports team owners Tony Ressler, Larry Berg and Shaun Neff; media deal-makers Navid Mahmoodzagedan, Steve Bornstein and Rick Hess; and strategic advisors Jeffrey Assaf, Caleb Kramer and Michael Woronoff.
This investment 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. With unparalleled expertise across the business, media, sports, and entertainment sectors, the diverse investor group signifies the start of a compelling new era for KIRO and will be pivotal in the strategic positioning of the team’s long-term growth as a sports franchise.
United by a shared vision of excellence, each investor brings a unique perspective to the world of motorsport to not only strengthen the team’s position, but to 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 bold new joint livery to celebrate the CUPRA KIRO partnership at the Mexico City E-Prix in January 2025.
Jeremy Tarica, Managing Director, The Forest Road Company: “Since we started our Formula E journey, Kiro Race Co has achieved several key milestones, from securing a multi-year, co-title partnership with CUPRA, to a top 10 finish on our competitive debut. Today’s announcement marks the next step in our journey, underscoring our belief in Formula E’s growth potential and our commitment to pushing boundaries. With our exceptional investor group bringing business acumen, cultural renown, and entrepreneurial drive, we are poised to accelerate KIRO’s success and establish ourselves as a leading force in motorsport and beyond.”
Idris Elba, Actor, Producer, and Kiro Race Co Investor: “Formula E is at the perfect intersection by blending sport and global entertainment with sustainability. 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.”
David Kaplan, Lead Investor & Team Managing Partner, Kiro Race Co: “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. 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.”
Bennett Rosenthal, Lead Managing Owner, LAFC; Lead Investor, Kiro Race Co: “Kiro Race Co’s recent investment is driven by a deep belief in Formula E’s potential as a sports platform and the team’s ability to become a dominant force. The sports landscape is always changing, but with this capital raise, KIRO has placed itself at the forefront of transformation. We’re taking big steps forward in our mission to turn KIRO into a global sports franchise.”
Jeff Dodds, CEO, Formula E: “The arrival of this new investor group marks a transformative moment for Kiro Race Co and serves as a resounding endorsement of its strategic growth plan. This impressive group brings unparalleled expertise and a diverse, well-rounded perspective that will catalyse growth not just for the team, but for the entire championship.”
Kiro Race Co Ownership Includes:
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David Kaplan – Lead Investor & Team Managing Partner, Kiro Race Co
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Bennett Rosenthal – Lead Managing Owner, LAFC; Lead Investor, Kiro Race Co
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Idris Elba – Golden Globe winning actor, producer, and music artist
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Tony Ressler – Principal Owner, Atlanta Hawks
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Larry Berg – Senior Partner, 26 North; Co-Managing Owner, LAFC
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Shaun Neff – Co-Founder of Beach House Group; Co-Owner, SUNBUM, LAFC and X Games; Founder of Neff Headwear
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Navid Mahmoodzadegan – Co-Founder & Co-President, Moelis & Company
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Steve Bornstein – President of North America, Genius Sports; Former President & CEO, ESPN & NFL Network
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Rick Hess – Senior Advisor, The Forest Road Company; Co-Founder, Evolution Media
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Jeffrey Assaf – Senior Managing Director and Chief Investment Officer, ICG Advisors
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Caleb Kramer – Strategic Advisor, The Forest Road Company; Former Managing Director and Portfolio Manager, Oaktree Capital Management
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Michael Woronoff – Partner, Kirkland & Ellis LLP
IndyCar –
Penske Entertainment announced several updates to its senior leadership structure today in order to best position the organization to capitalize on significant growth opportunities ahead.
Key changes shared this morning include:
- Doug Boles will serve as President of both INDYCAR and Indianapolis Motor Speedway, succeeding Jay Frye.
- Mark Sibla will be promoted to Senior Vice President, INDYCAR Competition & Operations.
- Kyle Novak will become INDYCAR’s Vice President of Officiating and Race Control.
- Alex Damron has been named Chief Marketing Officer, INDYCAR, while also continuing as Vice President of Corporate Communications for Penske Entertainment.
- Louis Kissinger will be promoted to General Manager, Indianapolis Motor Speedway Operations.
Doug Boles brings decades of motorsport experience to his new responsibilities, including being the President of Indianapolis Motor Speedway since 2013. At IMS, he oversaw the sellout of the 100th Indianapolis 500, the first full-capacity crowd in the event’s storied history. In addition, he’s managed more than $150 million in strategic investment at the Racing Capital of the World, including “Project 100” and significant infrastructure improvements following the acquisition of IMS by Penske Corp.
Across his tenure at IMS, he has been particularly lauded for his promotional prowess and strategic marketing capabilities, growing the Speedway’s global reach and better connecting Indy 500 fans to the NTT INDYCAR SERIES. As a founding partner and Chief Operating Officer at Panther Racing and as Hulman & Company’s Vice President of Communications, he has worked extensively within the INDYCAR paddock, as well. At Panther Racing, Boles helped lead the team to 15 INDYCAR SERIES race wins and two INDYCAR SERIES championships, in addition to seven INDY NXT by Firestone race wins and a championship. In total, he has more than 20 years of executive leadership experience in motorsports, within team operations, sponsorship, marketing, public relations and more.
“Doug is the ideal choice to lead both INDYCAR and IMS as we enter a new era of opportunity and visibility,” said Penske Entertainment President & CEO Mark Miles. “He’s an exceptional leader and motivator who is appreciated by our fans and respected by our owners, drivers, partners and additional key stakeholders.”
Said Boles: “Racing is in my DNA, and no form of racing resonates more personally and strongly with me than the NTT INDYCAR SERIES. I’m honored to lead the amazing team at INDYCAR, and I truly believe the future is bigger and brighter than ever for our sport and the Indianapolis Motor Speedway. I’m extremely grateful to Mark Miles for this opportunity, and fans can rest assured the hard work is already under way and 2025 will be a fantastic season.”
Boles becomes President of INDYCAR as Frye departs the organization following 10 years in the role. During Frye’s tenure, he led a period of tremendous successes at INDYCAR, including securing the entitlement series sponsorships with Verizon and NTT, the development of the AK18 universal aero kit, development and implementation of the total driver cockpit safety solution aeroscreen and state-of-the-art hybrid technology introduction. In addition, Jay Frye also oversaw an expanded grid with incredible competition.
“It has been an absolute honor and privilege to be the President of INDYCAR and work alongside the dedicated and talented men and women at INDYCAR and in the INDYCAR paddock,” Frye said. “The growth and success the series has had over the last 10 years would not be possible without the commitment and collaboration of the owners, drivers and teams.”
In both his role at INDYCAR and as IMS President, Boles will report to Penske Entertainment President & CEO Miles. As Boles manages strategic vision and priorities across both INDYCAR and IMS, several additional staffing updates will help oversee day-to-day operations within each organization. At INDYCAR, Mark Sibla has been named Senior Vice President of INDYCAR Competition and Operations. He has been a senior member of INDYCAR’s management team for more than a decade and will lead workstreams focused on general operations and special initiatives such as development of the new car.
Also at INDYCAR, Kyle Novak begins an enhanced role as Vice President of Officiating and Race Control. In this position he will lead both the Race Control and Race Tech teams at INDYCAR, responsible for ensuring rigorous and equitable enforcement of NTT INDYCAR SERIES and INDY NXT presented by Firestone competition regulations. Novak has served as INDYCAR’s Race Director since the 2018 season and was elected to the FIA General Assembly in 2022.
In addition, as INDYCAR prepares for new levels of audience exposure through its relationship with FOX Sports, Alex Damron has been named Chief Marketing Officer, charged with fully implementing a maximized and unified promotional plan for the sport. In this role, he will lead the marketing and communications teams at INDYCAR. He will also continue as Vice President of Corporate Communications for Penske Entertainment, responsible for overseeing IMS PR efforts and Penske Entertainment’s photo and editorial operations.
“We’re confident Alex is ready for this opportunity,” Miles said. “He’s played an integral role in our transition to FOX Sports, driving significant work to implement the phenomenal promotional initiatives we’ve already seen, ensuring we can quickly and efficiently leverage new opportunities.”
At IMS, Kissinger steps into the role of General Manager, IMS Operations, leading teams responsible for suite/hospitality sales, track operations and event operations. Kissinger began his career at the Indianapolis Motor Speedway serving as a distinguished Orr Fellow, with his most recent role being Director of Event Operations & Experience at IMS.
JOTA –
Cadillac Hertz Team JOTA has confirmed the composition of its two Hypercar crews for the forthcoming FIA World Endurance Championship campaign, with a focus on finding the right ‘chemistry’ as the Anglo-American alliance targets a successful first season. Combining the rich legacy of Cadillac’s motorsport pedigree with JOTA’s renowned expertise in endurance racing, Cadillac Hertz Team JOTA is a fusion of the GM-owned brand’s factory-backed effort and the giant-killing heroics of the independent British outfit – conqueror of the most recent two FIA World Cup for Hypercar Teams titles and an historic outright victory at Spa-Francorchamps last year.
For 2025, the squad’s driver line-ups represent a blend of seasoned endurance racing veterans and rising stars in the discipline. Alex Lynn, Norman Nato and Will Stevens join forces behind the wheel of the #12 V-Series.R prototype, while Earl Bamber, Sébastien Bourdais and Jenson Button team up in the sister #38 entry. “Getting that chemistry right, not only between the drivers, but within the entire team is something we pride ourselves on,” reflected Cadillac Hertz Team JOTA Co-Founder, David Clark.
“There’s no one individual more important than the rest. Absolutely everyone has their role to play, and creating the right dynamic in which everyone can achieve their best is crucial to on-track success for us. During pre-season testing, we’ve seen an incredible team spirit already build between our drivers and their crews. That is extremely encouraging, but we don’t take anything for granted.”
“We have six extremely strong drivers with a combination of experience and fresh eyes on the Cadillac programme,” added Team Principal, Dieter Gass. “Each of those drivers brings something unique to the table, and as a team, our job was to establish which combinations made the most sense to maximise the overall strengths of the group. While character and personality play a big role in team dynamics, driving style and preferences were additionally key factors in determining who would be paired in each car. We took our time over this process, and we’re really looking forward to seeing what both trios can achieve.”
Cadillac Racing has also reshuffled its leadership structure in recent weeks. Keely Bosn has been appointed Programme Manager, with Sean O’Shea coming on-board as Propulsion Manager, focussing on the performance and development of the manufacturer’s purpose-built 5.5-litre V8 engine. Meanwhile, Xavier Marcos Padros has been named Technical Director, making him responsible for all aspects of engineering, car performance and development. Before joining GM, the Spaniard gained experience as a Formula 1 race engineer, most recently with Scuderia Ferrari and Charles Leclerc, prior to which he worked with Williams Racing and in NASCAR.
[The story is as per press release]
