Dec 19, 2013, 5:30 PM EDT
The all-electric FIA Formula E Championship has received a $21 million investment from Boston Celtics managing partner Wyc Grousbeck (pictured, left) and a dozen of his co-owners in the legendary NBA team according to the Associated Press.
The AP reports that Formula E is the first investment for Grousbeck’s Causeway Media Partners, a recently-formed company that has raised about $100 million to invest in sports and entertainment properties.
Mark Wan (pictured, right), a co-owner of both the Celtics and the NFL’s San Francisco 49ers, and Bob Higgins (pictured, center) are managing partners at Causeway alongside Grousbeck, who led the group that bought the Celtics in 2002 and guided the franchise to its 17th NBA title in 2008.
“We know the power of competition and entertainment, and will bring our knowledge to the development of the market for electric vehicles,” Grousbeck said to the AP.
“Causeway’s mission is to find investment opportunities that benefit from our deep network of NBA and NFL team owners, media executives and professional investors. Formula E is a perfect match.”
The investment marks yet another link to the United States for Formula E, which will stage two American rounds in 2014-2015 at Los Angeles and Miami. Additionally, a pair of U.S.-based teams, Andretti Autosport and Dragon Racing, will be part of the group of squads vying for the inaugural series title.
Alejandro Agag, CEO of Formula E Holdings, has always maintained that the U.S. represents a critical market, and in an e-mail to the AP, he said that Causeway’s involvement will help raise the series’ profile here at home.
“To have a partner that knows deeply the U.S. sports market places us in a unique position to develop our championship in the Americas,” Agag said.
In addition to his company’s investment, Grousbeck will also serve on the board of Formula E Holdings.
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