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Formula E closing the gap on Formula 1 as a sponsorship proposition

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Swiss watch brand TAG Heuer will spend around 30 per cent of its annual motorsports sponsorship budget on the new Formula E electric car racing championship next year.

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The FIA-sanctioned Formula E motor racing championship has missed its sponsorship revenue target for the inaugural race series, despite the addition of three sponsors this month, including a top-tier Official Cup Sponsor.

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