Alejandro Agag makes surprise €600m bid for full Formula E control
Formula E CEO Alejandro Agag has made a surprise €600m bid for outright ownership of the electric racing series
In a letter seen by Autosport, series founder Agag states his ambition to have greater influence over the future direction of the championship by assuming full control of the shareholding.
In the letter, dated today and addressed to the chairman of the Formula E board of directors, Agag writes: "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."
Agag's move comes as the series, now in its fourth season, continues to attract interest from the world's major automotive manufacturers.
Audi increased its FE presence at the Abt squad into a full works entry for this season, with BMW set to enter in the 2018/19 campaign, when the championship's Gen2 car will make its debut.
Nissan will replace alliance partner Renault at the e.dams entry for next season and both Porsche and Mercedes have confirmed full works entries for the following championship in 2019/20.
Swiss electronics giant ABB was recently announced as naming partner of the championship, which has also attracted high-profile sponsorship deals from companies including Allianz and Hugo Boss - both of which previously invested in Formula 1, either with the championship or one of its teams.
Commenting on Agag's move, Mercedes F1 team boss Toto Wolff, said: "In my opinion, behind every great success story there's an entrepreneur's vision and against all odds Alejandro has created this series that nobody really gave a chance to when it was launched.
"Now all the major car manufacturers have joined Formula E and a very, very big part of that is down to Alejandro.
"If it hadn't been for his drive I think maybe even Mercedes would have considered it differently."
Marco Parroni, managing director of FE's first sponsor, Julius Bar bank, said he had been persuaded of the merits of electric street racing by Agag and that the series' continued growth was testament to his vision.
"Formula E had a lot of financial difficulties in the beginning," he said, "which is why the series needed investors.
"But definitely without Alejandro there the project would not exist today."
How a small team is beating Formula E’s giants
Andretti Formula E team replaces Blomqvist with Sarrazin
How Formula E's double-duty drivers influenced their Le Mans teams' fortunes
Eight Formula E drivers made the 7,000-mile sprint from the streets of Jakarta to the fabled Circuit de la Sarthe and every one had a story to share at this year's Le Mans 24 Hours. Despite a range of triumphs and disappointments, each driver doubling up on the day job played a key role in their teams' fortunes
How Evans kept cool in Jakarta heat to renew his Formula E title push
Jean-Eric Vergne had comfortably taken a landmark pole for Formula E's first visit to Indonesia and looked set to win his first race of a highly consistent campaign. But the DS Techeetah driver couldn't answer a late attack from Jaguar's Mitch Evans, who profited from the Frenchman's change in battery management tactics to seize a third win of the campaign
Why de Vries' F1 practice debut could add a new path to his current crossroads
A Formula 2 and Formula E champion, Nyck de Vries is currently considering where his future in motorsport lies. Continuing in WEC and Formula E is possible and he's also courted glances Stateside after impressing in an IndyCar test. But ahead of his Formula 1 FP1 debut with Williams, he could have another option if he impresses...
How Jake Dennis’ struggles turned him into a Formula E front-runner
Having emerged as one of Formula E’s strongest drivers in his one-and-a-half seasons in the championship, Jake Dennis cemented his place in the series with a breakout maiden season. But it's not always been smooth sailing for the Brit
How Vandoorne recaptured Mercedes' winning feeling in Monaco
The Mercedes Formula 1 team is struggling, but its Formula E arm is in fine form at the moment and once again leads the drivers' standings courtesy of Stoffel Vandoorne. Here's how the Belgian took a well-judged Monaco victory to emerge at the head of the brewing four-way championship tussle
Will lighter, greener, faster Gen3 deliver on Formula E's many promises?
With a fighter-jet inspired design, revamped technical specifications and a new tyre supplier, Formula E's Gen3 car is set to shake up the series. But can it deliver on all of the promises that Formula E has set out to ensure that manufacturers consider the outlay on going racing in an all-electric arena worthwhile?
Why spanning different genres has lent Lotterer's career longevity
Although now well into his 24th consecutive season in racing, Andre Lotterer has no intention of winding his career down. Here he talks to Autosport about his and Porsche's continued progress in Formula E, his love for racing in Japan, and recalls his sole Formula 1 outing - and considers what's next in his lengthy career
Why Nissan's e.dams buyout signifies its Formula E victory intent
The e.dams Formula E squad is one of the most storied in the championship's short history as its original benchmark, but its successes in the Gen2 era have been fleeting by comparison. Nissan's decision to take full control ahead of Gen3 marks a statement of intent that it intends to get back to winning ways