New entrants to the FIA Formula E series will be required to pay a minimum of €25 million to secure their place on the grid and establish their intent for a long-term commitment, according to the series’ boss.
Alejandro Agag, CEO of Formula E, has proposed to expand the number of entries from 10 teams to 12 from the 2018/19 season. Mercedes-Benz has openly stated its interest in joining the likes of Audi, Jaguar, BMW and Faraday Future in the all-electric championship, and has agreed an option for one of the two new grid slots.
However, Agag is eager to ensure that any new entrants benefit the series as a whole, both financially and in bringing a greater on-track spectacle. He commented: “I don’t know if there’s people who are ready to pay that money or not, but what I want to do is protect the ones that are already here.”
“Everyone here, especially the privateer team, has invested a lot of effort, a lot of human resources, a lot of money, to be in the championship. They deserve a value in return.”
“Teams are starting to get into a financially good position but we need to be restrictive in the entries we give, and give them to the right brands at a premium, because the ones already inside have invested that kind of money.”
While existing Formula E teams were not required to pay an entry fee to participate in the FIA championship, their applications were subject to rigorous examination to ensure that they could commit long-term and with ample funding to support the required development.
Committed to the cause
Formula E was conceived to promote sustainable development in the automotive industry, and it is positive to see that this concept is being applied in deciding the future of the championship.
With such a rush of interest from moneyed manufacturers eager to underpin their latest electric road car products, it is heartening to see that Formula E is staying true to its vision and growing the series sustainably in a manner that will benefit fans, teams and brands alike.