Breaking news
Formula E
Venturi Formula E team sold to investor group
The Venturi Racing Formula E team has been sold to an investor group led by championship co-founder Alejandro Agag’s brother-in-law, but Susie Wolff will remain as team principal.
Matt Kew
Edited: Dec 11, 2020, 12:49 PM
Copy link
Share on Viber
Venturi has been an FE mainstay since the inaugural 2014-15 season, with driver Edoardo Mortara scoring the team’s first – and so far only – win in the 2019 Hong Kong E-Prix.
The Monegasque squad has now been purchased by Scott Swid and Jose Maria Aznar Botella, son of the former Spanish prime minister Jose Maria Aznar and FE creator Agag’s brother-in-law.
Wolff, who joined as team principal in June 2018, will remain in her role alongside newly appointed deputy team principal and ex-Mahindra FE driver Jerome d’Ambrosio.
Taking over as Venturi chairman, Swid said he and his backers had been evaluating a move into Formula 1 three years ago but delays in implementing a firm cost cap had played a factor in looking elsewhere.
Speaking as part of a call with select media, Swid said: “Every problem I had in Formula 1, Formula E solved all of the problems as a business case - in terms of competition, ability to make money, fair and equitable chances of winning a race.
“Alejandro has set this up to be the anti-Formula 1.
“I had never looked at Formula E, but Jose and I were looking at this space and we met Susie [in December 2019] and that was it.”
Announced a week after Audi and BMW revealed they will quit FE at the end of the 2020-21 season, Swid added that Mercedes’ overall participation in the series was more important to the buyout than Venturi’s standing as a powertrain customer of the German manufacturer.
Wolff added: "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.
"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.“
The investment only concerns the Venturi FE team and not Venturi Automobiles, which targets breaking electric land speed records and has a nascent space programme, for which Pastor will remain in control.
“As the focus of my attention moves away from the racetrack to the proving ground where we continue to raise the bar with record breaking electromobility, and to the sky with our equally pioneering space endeavours, I know that the team is in very safe hands,” said Pastor.
Swid also confirmed that Venturi’s decision to withdraw its provisional entry from the maiden Extreme E season in 2021 – to be replaced by Techeetah – was a separate decision made by Venturi Automobiles.
ROKiT will remain in place as a title sponsor for the 2020-21 season, for which Venturi has promoted reserve driver Norman Nato to replace ex-F1 driver Felipe Massa alongside Mortara.
We want your opinion!
What would you like to see on Motorsport.com?
Take our 5 minute survey.
- The Motorsport.com Team
Read and post comments
Read also :
Share Or Save This Story
Copy link
Share on Viber
Previous article Porsche reaffirms Formula E commitment after Audi, BMW exit
Next article Dragon confirms Muller for final 2020/21 FE spot
Top Comments
There are no comments at the moment. Would you like to write one?
View More & Comment
More from
Matt Kew
Marko suggests Perez's improved F1 form because 2025 contract at stake
Formula 1
Formula 1
Japanese GP
Apr 6, 2024
Marko suggests Perez's improved F1 form because 2025 contract at stake
Russell explains how low-fuel runs expose Mercedes F1 inconsistency
Formula 1
Formula 1
Japanese GP
Apr 6, 2024
Russell explains how low-fuel runs expose Mercedes F1 inconsistency
Leclerc: No answer for "once in a season" Japan F1 qualifying struggle
Formula 1
Formula 1
Japanese GP
Apr 6, 2024
Leclerc: No answer for "once in a season" Japan F1 qualifying struggle
More from
Venturi
Venturi boss d'Ambrosio leaves rebranded Maserati Formula E team
Formula E
Formula E Sep 16, 2022
Venturi boss d'Ambrosio leaves rebranded Maserati Formula E team
Mortara surprised at "ease" of building lead in Seoul E-Prix
Formula E
Formula E
Seoul ePrix II
Aug 14, 2022
Mortara surprised at "ease" of building lead in Seoul E-Prix
Seoul E-Prix: Vandoorne crowned FE champion, Mortara wins finale
Formula E
Formula E
Seoul ePrix II
Aug 14, 2022
Seoul E-Prix: Vandoorne crowned FE champion, Mortara wins finale
Latest news
Gibbs, Spire and Gabehart argue over contempt and injunction
NASCAR Cup
NAS NASCAR Cup
Charlotte II
1 h
Gibbs, Spire and Gabehart argue over contempt and injunction
William Byron to run Jeff Gordon throwback Axalta scheme at Phoenix
NASCAR Cup
NAS NASCAR Cup
Charlotte II
2 h
William Byron to run Jeff Gordon throwback Axalta scheme at Phoenix
Alexander Rossi takes over IR-28 testing as IndyCar pushes new chassis to the limit at Sebring
IndyCar
Indy IndyCar 2 h
Alexander Rossi takes over IR-28 testing as IndyCar pushes new chassis to the limit at Sebring
Daniel Suarez will return to Spire Motorsports for 2027 NASCAR Cup season
NASCAR Cup
NAS NASCAR Cup
Charlotte II
2 h
Daniel Suarez will return to Spire Motorsports for 2027 NASCAR Cup season
Feature
Discover prime content
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.
Subscribe now Already subscribed? Sign in here
Already disabled your adblocker?
Reload page
Manage Alerts
Subscribe