Alejandro Agag makes US$724.8m bid for full Formula E ownership

All-electric racing series also in talks to bring ePrix to Birmingham.

Alejandro Agag makes US$724.8m bid for full Formula E ownership

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Alejandro Agag, the founder and chief executive of Formula E, has made a €600 million (US$724.8 million) offer for full ownership of the all-electric racing series.

In a letter sent to the board of directors and seen by motorsport news outlet Autosport, Agag wrote: ‘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.’

Formula E’s current shareholders include US telco Liberty Global and media giant Discovery Communications.

Agag told Reuters last year, when Formula E posted an operating loss of €33.7 million (US$40 million) to end July 2016, that the series would have broken even without a decision to invest significantly in marketing and promotion.

The news comes after Formula E announced last month that 2016 Formula One champion Nico Rosberg had become a shareholder.

Meanwhile, Andy Street, Mayor for the West Midlands region of England, has confirmed that talks are taking place to return Formula E to the UK.

The Birmingham Mail newspaper reports that talks between Birmingham City Council, the West Midlands Combined Authority and Formula E are at an advanced stage, with a view to introducing a race for the 2018/19 season.

Formula E staged its last race in the UK in London in July 2016.

Street told news outlet the Metro: “Over the last year, we have been in negotiations with the organisers of the FIA Formula E Championship about bringing a road race to Birmingham, effectively reviving the Superprix. We are now in the advanced stages of these negotiations. We are eager for two main reasons. First, it means we can showcase to the world the changing face of Birmingham city centre which has seen unprecedented investment in recent years.

“Like many Brummies, I remember the original Superprix fondly. Photos and footage from those events have become almost part of folklore and remind us of how those events thrust the city firmly into the spotlight. Secondly, and perhaps more importantly, it showcases our region’s position as a world leader in next generation automotive technologies.”