The ABB FIA Formula E Championship is set to escalate its marketing spend next year in what founder and CEO Alejandro Agag calls a “huge push” for the all-electric series.
Two years of increased revenue from a host of official partners and a lucrative deal with the organizers of the Ad Diriyah E-Prix in Saudi Arabia are set to allow Formula E to enhance its marketing strategy.
“We will be investing massively in marketing and you will see a huge push on marketing activity throughout season five,” Formula E Founder and CEO Alejandro Agag told e-racing365.
“We are going to spend tens of millions of euros on marketing the championship and the brand. We will have a presence in season five everywhere.”
The move to pump enhanced resources into Formula E’s marketing power comes after a period of uncertainty earlier this year when Agag attempted to take complete control with an audacious €600 million offer to acquire complete control.
E-racing365 reported in July that Agag’s bid was unsuccessful and that the structure of the company would continue as it is.
“I made my bid for the company but the reply from Liberty is clear now that they don’t want to sell,” said Agag.
“They want us to continue to work together and they are long-term leaders of the company so there was no possibility for that offer to progress.
“The company financially is now doing very well, especially on the sponsorship side.
“We actually have to stop at some point because we almost have no more space. We have announced a big, big airline deal [with Saudi Arabian Airlines] and there are another two or three deals to come soon before the start of the season.”
Saudi Arabian Airlines became an official partner of the series last month and e-racing365 understands that several significant and high-profile new commercial deal are set to be announced in the coming weeks.
Heineken was announced as Formula E’s ‘official beer and cider partner’ earlier this week.
“This will take us in to the region of around 15 major partners and I think we need to deliver for those partners,” said Agag.
“We are delivering now but there is a point where we have no more inventory left and no more space for new partners.
“We are not quite there yet but we are getting close to this point.”
Agag also pin-pointed the need for Formula E to grow its audience and add to its increasing fanbase in the coming season.
“We have to take Formula E to the next level and really develop and expand the fan base. I think we can use this new car to conquer a lot more fans. This is the clear objective now.”