MUMBAI: Alejandro Agag, the CEO and founder of Formula E, has reportedly made a €600 million ($716 million) bid to gain the entire ownership of the electric racing series, according to motorsport.com.
Agag wrote a letter on Friday to the chairman of the board of directors, requesting approval for his interest so that he has greater influence over running the sport in the future.
“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 €600 million equity value,” Agag wrote in the letter, which was accessed by motorsport.com.
It’s been four years since Formula E was launched, with its USP being that the cars used are electric and environmental friendly, which is why it is considered as the future of motorsport.
Some of the world’s leading automobile manufacturers such as BMW, Nissan, Porsche and Mercedes will be joining in the championship in the next two seasons.
Companies such as Allianz and Hugo Boss have also invested in it, having been previously in Formula 1.
Mercedes F1 team boss Toto Wolff told the website: “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.”
