FIA's stake option in Formula E racing revealed

Christian Sylt
Motor racing’s regulator, the Fédération Internationale de l’Automobile (FIA), has an option on a 20pc stake in the electric-powered Formula E series, it has been revealed - Getty Images AsiaPac

Motor racing’s regulator, the Fédération Internationale de l’Automobile (FIA), has an option on a 20pc stake in the electric-powered Formula E series, it has been revealed.

FIA documents have come to light that show that the share option was offered as part of the negotiations when Formula E got the green light in 2014 after the FIA granted its Hong Kong-based parent company, Formula E Holdings (FEH), a licence to operate the series until 2038.

It was previously thought that the FIA’s involvement was restricted to receiving 20pc of the net capital gains of FEH shareholders when they sell their stakes. The share option gives the FIA a financial cushion as it is a not-for-profit organisation.

Formula E cars are powered by a 200kW motor and have a top speed of 150mph, 30pc slower than Formula One cars. However, they produce no emissions and this has attracted manufacturers like Audi, Jaguar and Renault to show off their green credentials. The FIA said: “This portfolio exists to recompense the federation for its activities in these championships and does not afford any executive power within the promoter organisations.”

Formula E’s races were watched by 270,000 spectators last year and had a TV audience of 192m. It will hold 14 races this season. However, this is the first year a race will not be held in the UK. The London venue, Battersea Park, requires too much work to make it viable. Formula E’s fourth season began at the weekend in Hong Kong. 

 

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