CROWE UK PARTNERS WITH AVALANCHE ANDRETTI FORMULA E TO NAVIGATE NEW FIA FINANCIAL REGULATIONS

Avalanche Andretti Formula E has
announced that audit, tax, advisory and risk firm Crowe UK has been named as
the official accounting services supplier for the team. 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 8. 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. 

“We’re really excited to be working with
Avalanche Andretti Formula E on this emerging compliance requirement,” said
Crowe UK Chief Executive Nigel Bostock. He added, “Financial fair play,
sustainability and addressing new compliance challenges are critical both now
and in the future, and we see opportunities to provide our expertise and
support the team through this process.”  

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. 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.  

Avalanche Andretti Formula E Team
Principal Roger Griffiths added, “When the announcement came that the FIA and
Formula E would be implementing much needed cost controls, we realized very
quickly that having some professional expertise to guide us through the compliance
process would be critical. Crowe has proven to be that company. From our early
meetings, they quickly grasped the guiding principles around the cost control
regulations. Crowe’s professional services will be key to ensuring Avalanche
Andretti Formula E’s compliance and efficiency of spend going forward.”  

Season 8 of the ABB FIA
Formula E World Championship will kick off on January 28 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 of the No. 28 entry to be named in the coming days.