Formula E become minority shareholder in Extreme E, the electric off-road series

Updated 03/11/2020 at 10:52 GMT

Alejandro Agag has expanded his influence in the motorracing world as Formula E becomes a minority shareholder in Extreme E, the electric off-road series due to start next year.

Alejandro Agag Vorsitzender der Formel E

Image credit: Getty Images

Formula E has become a minority shareholder in Extreme E, the electric off-road series due to start next year.

No financial details were provided for what was described as a strategic investment. The series were both founded by Spanish businessman Alejandro Agag, who is chairman of Formula E and chief executive of Extreme E.

Formula E chief executive Jamie Reigle will have a seat on the Extreme E board but the businesses will be independent of each other.

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"It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality," said Agag in a statement.

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