Venturi Formula E team has been brought by an investor group led by Alejandro Agag’s brother-in-law.
Investors Jose M Aznar Botella and Scott Swid will take over as managing partners, but team principal Susie Wolff and deputy team principal Jerome d’Ambrosio will remain in place.
“Initially, we were looking at Formula 1 from an investment perspective, but understandably Jose is a big believer in the potential of Formula E, and introduced me to Susie,” said Swid, who also takes on the role of chairman.
“From our first meeting, I could see the unique business case the sport and the team present. Investing in Venturi, with its heritage as an original team guided by the visionary Gildo Pastor, and competing in an exciting sport that promotes global sustainability and pioneering electric mobility is a great opportunity.
“Every forward-thinking corporate board in the world is cognisant of the importance of sustainability and is looking for ways to invest in its future. Formula E is in its intermediate stage, having successfully overcome the hurdles of its early period. With this strong foundation, it is a great time to invest when the championship is established and there is still so much growth to come.”
Aznar added: “We are investing at a critical time in Formula E’s short history and, whilst there is so much potential for further development and commercial expansion, one of the priorities must be an improved partnership between the sport and the teams.
“Collaborating with Susie and Scott, my long-time friend and mentor, is a great joy for me personally and I look forward to seeing what we can achieve together.”
The purchase separates the race squad from Venturi Automobiles, which has several electric speed records.
As well as team principal duties, Wolff will also take on the role of a managing partner.
A week after two manufacturers announced their FE exit, Wolff emphasised the take over demonstrates Formula E’s commercial viability.
“The investment experience of Scott and Jose will strengthen the team‘s capabilities and provide us with interesting new perspectives and opportunities for the future,” she said.
“This move also demonstrates the positive role that the forthcoming cost cap has to play in the commercial viability and therefore appeal of the sport to investors and partners.
“I want to also take this opportunity to thank Gildo for his trust and unwavering support. I have thoroughly enjoyed working with such a visionary and have no doubt that Gildo will continue to push the boundaries of sustainable mobility far beyond what many dare to deem possible.”