The London-based Formula-E electric car racing series will leave Britain if Brexit goes ahead without a deal on tax and employment, the outfit’s chief executive said on Wednesday (15 November).
The Formula E championship is the first all-electric racing series in the world and was inaugurated in September 2014.
The global city-based championship, which will be starting its fourth season in Hong Kong on 2 December, employs about 100 staff at its West London headquarters.
Alejandro Agag, who has lived in London for 15 years, said he was “very worried” by Brexit and Formula-E could relocate its business to the European Union in the space of a day if necessary.
“We have a lot of expats that work in the company… probably of our 100 employees, 50 are British and 50 are from other countries,” he told Reuters at a media breakfast with members of the Jaguar team.
“And a lot of our contracts come from the European Union in terms of sponsorship, so if there is not a deal in terms of tax and employment, we will leave.