Alejandro Agag said he’s still dedicated to the ABB FIA Formula E Championship despite a recent unsuccessful attempt to acquire full ownership of Formula E Holdings Ltd.
Agag, the founder and current CEO of the company that serves as the promoter of the all-electric championship, revealed that he’s been unable to tempt fellow shareholders to sell shares despite the reputed €600 million ($700 million) offer to gain complete control.
The bold move to fellow directors of the company in May was made at a similar time as to when e-racing365 revealed that former Manchester City soccer club Managing Director Garry Cook was being lined up to join the company.
The high-profile and controversial Cook, however, was unable to take up a position for reported personal reasons.
Agag confirmed the stalemate situation on Formula E’s ownership during last weekend’s Season Four finale in New York City.
“I tried, which is always good. God loves a trier,” he told e-racing365.
“So, I tried to buy a bigger stake in the company of course with some backers behind me; I haven’t got €600 million under my pillow, but my partners, who I have a great relationship with, are not so keen to sell.”
His current stake in the company is believed to be in the 8-10 percent figure, with the majority shareholder being Liberty Global, led by owner John Malone, which is reported to own at least one-quarter of the Hong Kong-based Formula E Holdings Ltd.
Despite the failed attempt, Agag said he still remains committed to the series.
“I am completely 100 percent committed to Formula E,” he said.
“Basically no-one wants to sell Formula E now, everyone wants to buy it, no-one wants to sell this championship, so I will probably end up not buying more of the company. But it doesn’t diminish my commitment to Formula E.
“Now we are starting a new era, so now is the moment to again increase the awareness, increase the brand with new investment, but it is an era which is different.”
It’s believed that a significant up-front payment from the organizers of the Riyadh E-Prix has boosted the financial outlook of the championship ahead of the fifth season, which starts in December in the Saudi Arabian capital.
“The company [FEH] obviously makes money, it is cash flow positive, but what we do is reinvest everything in order to make a more successful Formula E, so that is the plan for the next year, bigger and bigger and I will still be around,” concluded Agag.