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,” Agag said. “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,” Agag said. “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,” he said. “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.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
