Crowe to help racing team navigate new FIA financial regulations
The Avalanche Andretti Formula E team has appointed audit, tax, advisory and risk firm Crowe UK as its official accounting services partner.
Crowe UK, a member of Crowe Global - one of the top 10 accounting networks in the world - will provide expertise in compliance with the FIA 's new financial regulations introduced ahead of Season Eight.
The new regulations were formed through collaboration between the FIA, ABB FIA Formula E World Championship and the Formula E Teams and Manufacturers ' Association and are designed to ensure a competitive series, encourage a commitment to responsible and efficient spending, and to maintain viable sponsorships.
“I want to commend the FIA and Formula E on implementing these new regulations, ” said Andretti president J-F Thormann.
“We feel strongly that the new regulations will encourage a competitive environment and are a positive next step in the future of Formula E racing. As an internationally renowned accounting and advisory firm, having Crowe UK help us manage the new cost cap will be vital in achieving maximum efficiency under the set financial standards. ”
Crowe UK is a leading national firm with global reach and local expertise in addition to relevant expertise in cost-capping and financial fair play.
As the UK member of Crowe Global and a leading audit, tax, advisory and risk firm, Crowe UK helps clients to make smart decisions that have lasting value wherever they choose to operate.
First conceived in 2011, Formula E is the leading global championship for electric motorsports and is the first, and only, sport to be certified net zero carbon footprint from inception.
The ABB FIA Formula E World Championship brings dramatic racing to the heart of some of the world 's most iconic cities providing an elite motorsport platform for the world 's leading automotive manufacturers to accelerate vehicle innovation.
Head of manufacturing at Crowe Johnathan Dudley (pictured) said: “Formula E epitomises the cutting edge of electric propulsion in motorsport and in automotive transport in general.
“The motorsport industry, so embedded in the UK engineering sector, has led development for the future. Working with Avalanche Andretti supports our commitment to the UK and global automotive sector as it transitions from fossil-based power trains. ”
In seven seasons of Formula E competition, including time spent as a BMW works team, Andretti has secured eight pole positions, 17 podiums and seven ABB FIA Formula E wins.
Season Eight of the ABB FIA Formula E World Championship will kick off on 28 January with the Diriyah E-Prix in Saudi Arabia.
The Avalanche Andretti Formula E team will contest two full-season entries, utilizing the BMW Racing eDrive03 drivetrain, with two-time Formula E race winner Jake Dennis piloting the No. 27 Avalanche Andretti BMW iFE.021 and driver No. 28 entry to be named in the coming days.