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SBD Global/September 26, 2013/Franchises

L.A.-Based Dragon Racing Named As Fourth Team To Enter Formula E Championship

L.A.-based Dragon Racing "will compete against IndyCar rivals Andretti Autosport in electric racing next year" after being announced on Wednesday as the fourth team to enter the new Formula E championship, according to Alan Baldwin of REUTERS. Organizers said Dragon, owned by media and publishing entrepreneur Jay Penske, whose father Roger owns the Penske Racing NASCAR and IndyCar teams, "had signed up for the FIA-sanctioned series due to start next September." Andretti Autosport, Britain's Drayson Racing and China Racing "have already announced their participation in the planned championship of 10 teams and 20 drivers racing in 10 city centers around the world." Formula E CEO Alejandro Agag said having an L.A.-based team "was of special significance." Agag: "California has become the 'land of electric cars,' an example that we want to spread to the rest of the world." Agag said that the full list of teams "would be completed by the end of November" (REUTERS, 9/25). FORBES' Chris Smith wrote Formula E "seemed like something of a pipe dream a year ago." Yet by June, circuit organizers "had made great strides toward success, picking up Beijing as a race location, Michelin as a tire supplier, Renault as a technical partner and TAG Heuer as a global sponsor." One of the remaining roadblocks "was finding owners willing to pony up for one of Formula E’s 10 teams." Penske "is now Formula E’s fourth team owner" (FORBES, 9/25).
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