Kiwi motorsport ace Mitch Evans has tasted success in Formula E and knows the ins and outs of these demanding new race cars.

The brakes have been pumped on ASB Classic maestro Karl Budge's latest endeavour – Auckland looks unlikely to get a Formula E race on its waterfront in 2019.

In November, a consortium including Budge and New Zealand Innovation Council chief executive Craig Cotton announced it had secured the rights to host an annual leg of the international electric car grand prix.

Racing was slated for late-2019 or early-2020, and Ports of Auckland said it would consider opening up Bledisloe Wharf for a circuit.

But Auckland Tourism, Events and Economic Development (ATEED) has poured cold water on the prospect of a race being held in 2019.

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"The timing for hosting an event here in 2019 is unlikely to work," ATEED destination general manager Steve Armitage told Stuff in a statement.

SUPPLIED Backers say Formula E could generate $150 million for Auckland yearly, but feasibility work by public bodies could tall the event.

"We would need to conduct a full feasibility for any council investment, in conjunction with the Ministry of Business, Innovation and Employment (which would lead any investment case from central government), and the deadlines for funding being confirmed are tight.

"Central government shares this position."

In announcing the hosting rights in 2018, Cotton said UK-based sports research company SMG had produced a report estimating Formula E could generate $150 million for Auckland yearly.

SUPPLIED Ports of Auckland is open to using port land to host an Auckland leg of the Formula E Grand Prix.

"What we've spoken to them [ATEED and MBIE] about is obviously the first race has to be in 2019," Cotton said.

"What we're talking to them about now is let's focus on trying to secure a race in the first season ... which is 2019-2020, and there is flexibility to do that.

"But it's still very, very tight from a timeframe point of view."

GETTY IMAGES ASB Classic tournament director Karl Budge is part of a consortium to bring a Formula E leg to Auckland.

Going through MBIE and ATEED's full feasibility study, which could take up to nine months, risked missing the 2019-2020 season.

"We had a really meeting with them prior to Christmas and the plan is to catch up with them early in the new year just to see whether or not there is the ability to shorten that MBIE process, or get some guarantees so we can at least go back to Formula E and make sure we don't lose that window," Cotton said.

"We've been under such time pressure, because we just know this thing is on such a skyrocket that if we ... miss this next season we probably miss it altogether, which would just be a real shame."

Cotton has previously said the consortium needed to know whether the Government and ATEED were behind them and willing in principle to contribute $14m.

Late last year, in a statement to Stuff, Ports of Auckland (POAL) said it had been in discussions with the consortium about holding the annual race.

"The promoters' idea is to hold the event on Ports of Auckland's roll-on, roll-off (ro-ro) terminal, which is made up of Bledisloe and Captain Cook wharves," a POAL spokesman said.

"Ports of Auckland supports the idea of holding Formula E in Auckland and is considering the use of port land for the event, but nothing has been confirmed yet."