Formula E’s Total Losses Since ’14 Reach $186M

Agag is getting 330 million TV viewers per year but is still losing his bloody shirt
Agag is getting 330 million TV viewers per year but is still losing his bloody shirt

Formula E revealed its pre-tax loss "widened" by 26.7% to £22.6M last year, giving it combined losses of $186M since it held its first race in '14. Accounts for the year ending July 31, 2018, showed that revenue rose $44M to $150M, "driven" by a new title sponsorship from Swiss engineering group ABB.

But "this was outstripped" by a $50M increase in costs as Formula E added more staff and developed its new car which "can last an entire race without needing to be charged." The amount Formula E owes its Hong Kong-based parent, Formula E Holdings, increased by $19M to $182M last year. London GUARDIAN.

The significance of Formula E CEO Alejandro Agag’s willingness to "keep plowing money into the series while operating at a loss — all while keeping a growing portfolio of shareholders happy — should not be overlooked." He is "essentially operating the series like a Silicon Valley startup — and the strategy seems to be paying off." In addition to the sponsors it has attracted, Formula E has "more than doubled its attendance to 476,000 in season four," and increased its TV viewership from 223 million to 330 million THEVERGE.com

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