Formula E Reportedly In Talks With CVC

Formula E CEO Alejandro Agag and stakeholder Enrique Bañuelos "want to end their common interest in Formula E," according to Hernanz & Rubio of EL CONFIDENCIAL.

After "just two races of the first season, both businessmen are reportedly negotiating with various investment firms." Currently, the best-positioned is F1 majority shareholder CVC, "which is performing due diligence to evaluate the quantity of a possible offer."

Contrary to Bañuelos, Agag "wants to take advantage of CVC's link to F1 to offer it an alternative to the circus of F1."

CVC is "studying Formula E as an entrance in a new market, with a new audience, in an embryonic business sector that, with its concept and technical arrangement, will be a vanguard in the development of electric automobile technology."

A source said, "The time has arrived to incorporate a major financial investor to contribute a consolidation of the business."

In this scenario, "CVC appears to be an ideal candidate for its experience and knowledge of the sector." EL CONFIDENCIAL