Rodi Basso is leaving his position as chief executive of the E1 Series, SportBusiness reported on January 9.

The Times revealed today that Basso is transitioning to a non-executive position rather than departing the championship entirely. Series co-founder Alejandro Agag told the newspaper that “in due course we will be appointing a new CEO.”

The leadership change comes one week before the 2026 season opener in Jeddah, scheduled for January 23-24. E1 has not issued a press release since December 17, when it announced Team Brady as winner of the 2025 Blue Impact Championship.

Financial Performance Claims

Agag told The Times that E1 was set to make a profit of roughly $1.5 million in 2025, measured as earnings before interest, tax and accounting items. He projected profits of $5 million for 2026, with revenue having grown to £25.9 million in the year to December 2024.

The company is going in a good direction commercially, which is important. That is not the rule in new sports, I assure you.

The championship’s majority shareholder is Saudi Arabia’s Public Investment Fund, which owns 50 per cent of E1 according to The Times. Agag owns 22 per cent. Powerboat News reported in September 2025 that E1 was seeking €20 million in additional funding.

Expansion Plans

Agag outlined ambitious growth targets to The Times, including new race locations in the Bahamas and an unsigned September venue. The championship expects 11 teams for the 2026 season, with Team Monaco and Team Sierra joining the grid.

I really want to do a big broadcasting deal this year that will change, completely, the media reach of E1. I would like to have one of the big streamers. If you do a deal with Disney+ or with Amazon Prime you cover the world and provide a destination where people can simply click and watch it.

Leadership Changes

Basso co-founded E1 in London with Agag during the COVID-19 pandemic. The former McLaren Applied managing director and Ferrari F1 race engineer developed the championship concept alongside Agag, who also founded Formula E and Extreme E.

Both founders have relocated to Italy. Agag told The Times he left the UK three years ago, describing a broader departure of entrepreneurs from London.

I am part of this very massive exodus that has happened. Of my friends who were in London, tens and tens of people, everyone has left.

SportBusiness described the CEO departure as part of “a period of upheaval” for the championship but provided no further details. Agag’s comments to The Times made no reference to any upheaval, instead emphasising the championship’s commercial growth and expansion plans.