Chinese private equity firm China Media Capital (CMC) has teamed up with its portfolio company SECA, a sports marketing company in China, to invest tens of millions of Euros in Formula E Holdings, according to Chinese media organization Caixin Media citing information from insiders.
No further financial details were disclosed. Formula E Holdings is the official promoter of FIA Formula E Championship auto racing.
CMC and SECA plans to help introduce and expand Formula E's presence in China, but there is currently no timetable. The move is similar to Dalian Wanda Group's purchase of the Ironman triathlon event series in 2015, as the Chinese conglomerate also aimed to expand the event in China while the Chinese population was becoming more health conscious.
Formula E has established partnerships with Chinese TV stations and online video sites including Chinese nat...
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