I think it’s only an “oh no” if it’s not planned. But the article makes it clear that investing the money is part of the plan.
"But the significance of Formula E CEO Alejandro Agag’s willingness to keep plowing money into the series while operating at a loss — all while keeping a growing portfolio of shareholders happy — should not be overlooked. Adding the newly reported €26.4 million loss, the series has now lost more than €150 million (around $168 million) since its inception.
In other words, Agag is essentially operating the series like a Silicon Valley startup — and the strategy seems to be paying off. Not only has Formula E attracted those big-name manufacturers, the series more than doubled its attendance to 476,000 in season four, and increased its television viewership from 223 million to 330 million, according to the filing."
Comparing Formula E to other “disruptive” tech companies, $168 million invested to get yearly revenues of $105.7 million? That’s a really good business!
Just like Amazon, as soon as the business is fully funded, they can turn on the money spigot and let it come in. $26 million per year from Saudi Arabia? Look, there’s only 12 races per year. That could easily become 18 to 20 races, and get $5 million per year from those cities to host the races? That covers the yearly losses in a sigle step. From then on it’s all gravy.