|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 Â£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