LONDON — The all-electric Formula E motor racing series will make a profit for the first time next season despite its biggest ever marketing spend, founder and chief executive Alejandro Agag said on Thursday. “We are going to have our biggest ever marketing expenditure, many tens of millions. But even with that spend we are going to show a profit,” the Spaniard told Reuters in an interview. “It’s sponsors, city fees for some cities that are starting to get significant and media rights are starting to go up,” he added. Formula E posted losses of 26.4 million euros ($30.00 million) in season four ending July 31, 2018 after being 20.8 million in the red a year earlier.

Source: National Post June 27, 2019 14:48 UTC