Agag Makes €600M Bid For Formula E

The creator and Chief Executive of Formula E has put forward a €600M (£527M/$716M) bid to acquire full ownership of the company.

According to the all-electric series, Alejandro Agag, has written to the Chairman of the Board of Directors, outlining his plans for the sport.

“I strongly believe in the future of Formula E and this offer is an expression of that confidence,” the Spanish entrepreneur wrote in his letter.

“For this reason, I would like to make a proposal to buy all the shares in the company at a value of €600 million euros equity value.”

Formula E’s shareholders include Liberty Global and Discovery Communications.