Formula E wants to grow to '15 or 16 races' by fifth season

After a 10-event opening season and a season-two calendar likely to retain that number, Agag said he wanted to grow that number by half again by season five.

"We want to change the mix of cities but have to balance that with the cost of the championship and stability for the teams," he told Autosport.

"More races mean more cost. We need the teams strong and stable but I think in a period of three-five years we will go to a figure of 15 or 16 races.

"For year two/three I think we need to be cautious and stay in this number [10], or one or two more."

This season's calendar comprises 10 events, with Mexico City on an adapted version of the Formula 1 circuit and Paris new host cities in place of Monaco and Miami.

That could grow to 11 if plans for a race in Switzerland come off, which is now considered unlikely.

Agag gave the group behind the bid for a Lugano race an extension to the end of November to raise the necessary funding for the event.

He told Autosport it "is still an option for this season but it's a long shot because it may be a bit late".

Hong Kong has already had a race confirmed for season three, with Canada in contention to join the calendar for the 2016/17 campaign as well.

Agag has also targeted a race in Australia for season three, and said that Asia was a main "area of growth".

"We have a few options," he added. "We're talking to two potential candidates in Australia.

"We're looking at other places, definitely Asia we have a few locations we may go to and Europe also."