Agag makes €600m bid for Formula E ownership

10 May 2018

By: Sport Industry Group

Founder and chief executive of Formula E, Alejandro Agag, has made a €600m offer to take full ownership of the all-electric racing series.

In a letter sent to the board of directors, seen by news outlet, Autosport, Agag said: "As an entrepreneur I would like to increase my interest in the business and influence in its future direction. 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 €600m equity value."

Current shareholders in Formula E include US telco Liberty Global and Discovery Communications.

Agag’s move comes with the series in its fourth season and the recent confirmation that former-Formula One world champion, Nico Rosberg, is also a shareholder.

For the introduction of the Gen2 car in season five, Formula E will also see the arrival of BMW and Nissan, who will replace Renault at the French e-dams outfit, while Mercedes and Porsche will also join the grid for 2019.

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