Top IndyCar team to enter Formula E

It is understood that one of the top IndyCar teams will be unveiled as a Formula E entrant by the end of the summer along with several based in the UK. There will be a $3.3-million annual budget cap on teams. The first Formula E race will be held in September next year and it will host two U.S. races — in Los Angeles and Miami. F1 team McLaren is making the 300 bhp electric motor which will power the Formula E cars. Its sponsor TAG Heuer will handle the timing and former F1 supplier Michelin will provide the tires. Williams is supplying the batteries.