Formula E CEO Alejandro Agag said that the series "will leave Britain if Brexit goes ahead without a deal on tax and employment," according to Alan Baldwin of REUTERS. The global city-based championship, which will start its fourth season in Hong Kong on Dec. 2, "employs about 100 staff" at its West London HQ. Agag, who has lived in London for 15 years, said that he was "very worried" by Brexit, and Formula E "could relocate its business" to the EU in "the space of a day if necessary." He said, "We have a lot of expats that work in the company. ... Probably of our 100 employees, 50 are British and 50 are from other countries. And a lot of our contracts come from the European Union in terms of sponsorship, so if there is not a deal in terms of tax and employment, we will leave." Agag said that his "strong preference would be to stay." But a withholding tax being imposed on sponsorship payments from EU-based partners once Britain leaves the EU in '19 "would force his hand." Agag said, "If there are withholding taxes on sponsorship payments, that would make our business impossible" (REUTERS, 11/15).
