Chinese group to invest ‘multimillion euro’ in Formula E

A consortium of investors led by Chinese company CMC Capital Partners has invested “tens of millions of euros” in Formula E Holdings, the promoter of Formula E Championship.

The consortium includes China’s sports marketing company SECA, which is also a unit of the CMC Capital Group.

Last month, Motorsport Network had also announced an investment in Formula E. The growing popularity of Formula E racing has caught the attention of several brands like Audi and BMW have also evinced interest to be part of the race.

“CMC will join hands with SECA to help expand Formula E’s presence globally and in China,” Li Ruigang, Chinese Media mogul, said in a statement after the announcement.

“We are excited to welcome CMC Capital Partners, led by  Ruigang Li, to the increasing list of investors joining Formula E and the electric revolution,” said Alejandro Agag, Founder & CEO of Formula E.

Three year old Formula E is a new genre of high speed action racing that happens around the world. It third season, which will run till July has races in all electric cars and takes place in cities like Brussels, Berlin, New York, Paris, Hong Kong and Montreal.