Formula E's $3.3M Budget Cap Attracts Top IndyCar Team To Join Newly Found Series

Formula E CEO Alejandro Agag said the racing series will impose a $3.3M budget cap on teams, according to Christian Sylt of AUTOWEEK. One of the top IndyCar teams "will be unveiled as a Formula E entrant by the end of the summer along with several based in the U.K." Agag: "We have a €2.5M ($3.3M) cap on the operating budget of the team -- anything spent on racing except the car. The chassis is almost spec but not the powertrain. It is not a chassis competition, it is an electric power competition. The manufacturers are calling us and saying we want to meet you so that you can explain to us how we can be part of it." He added, "There are now 18 teams in the pipeline and we are going to announce more before the end of the summer" (AUTOWEEK, 7/13).