Formula E boss in 600 million euro bid to buy championship


Formula E founder and chief executive Alejandro Agag is bidding to buy the all-electric championship from its current shareholders.

A spokesperson for the series confirmed that Agag had written to the chairman of the board of directors this week.

“As an entrepreneur I would like to increase my interest in the business and influence in its future direction," Agag wrote.

"I strongly believe in the future of Formula E and this offer is an expression of that confidence.

"For this reason I would like to make a proposal to buy all the shares in the company at a value of 600 million euros equity value."

Excerpts from his letter were published on, whose parent company acquired a stake in Formula E in 2017. There were no details as to where Agag was planning to find the necessary funding for the takeover.

Other current shareholders include John Malone’s Liberty Global and Discovery Communications. 2016 Formula 1 champion Nico Rosberg has also been announced as one of the other shareholders.

In its most recent financial results, Formula E disclosed it had made a loss of 33.7 million euros to the end of July 2016.

However, Agag said that the business would have been in profit if not for the decision to invest heavily in promotion and marketing activity.

Costs for staging a Formula E event on street circuits around the world are much less than those for holding a Formula 1 Grand Prix. But the audiences and revenues from each race are also lower.

While companies including Mercedes, BMW, Jaguar and Audi have all moved to Formula E, not everyone is a convert.

Ferrari for one remains unconvinced by Agag's recent claims that Formula E is the future of motorsport.

“With all due respect to Formula E, I think we have a long, long way to go before that becomes a potential substitute for Formula 1,” Ferrari chairman Sergio Marchionne said this week.

"I understand it directionally. I just don’t think we’re there. I think it’s lacking a lot of things," he added. "I don’t think in its present form it is a threat to Formula One."

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