Formula E Is On Track Financially, CEO Alejandro Agag Says

Formula E "could be breaking even already were it not investing for the future," CEO Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts, according to Alan Baldwin of REUTERS. Accounts filed at Companies House showed Formula E Operations Ltd. reduced its operating loss to €33.7M at end-July '16, a period covering its second season, from a previous €62.7M. Net liabilities rose to €107.2M from €72.1M, while total revenues reached €56.6M from a previous €19.7M. Agag said, "Everything is going according to plan. Actually, we are doing incredibly well financially according to our plan. We could have broken even this year but we decided to invest more in marketing and promotion." Agag said that the shareholders, including Liberty Global & Discovery Communications, were "supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers" (REUTERS, 7/3).