May 4, 2018 / 5:41 PM / a year ago

Motor racing: Formula E boss Agag makes 600m euro ownership bid

Alejandro Agag, CEO of Formula E, is pictured before a news conference for the upcoming Formula E Championship race on Saturday in Beijing, September 12, 2014. REUTERS/Jason Lee/Files

LONDON (Reuters) - Formula E founder and chief executive Alejandro Agag has made a 600 million euro ($716.34 million) bid to take full ownership of the company, the all-electric series said on Friday.

A Formula E spokesman said the Spanish entrepreneur had written to the chairman of the board of directors setting out his plans.

“I strongly believe in the future of Formula E and this offer is an expression of that confidence,” Agag wrote in the 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 John Malone’s Liberty Global and Discovery Communications.

Excerpts from the letter were published by the website, whose owner the Motorsport Network last year also acquired a stake in Formula E.

($1 = 0.8376 euros)

Reporting by Alan Baldwin, editing by Christian Radnedge

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