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Boston Celtics owners provide financial jolt to Formula E

Dec 19, 2013, 5:30 PM EDT

Wyc Grousbeck, Bob Higgins, Mark Wan AP

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.

  1. apexassassin - Dec 20, 2013 at 12:27 AM

    Who asked about Formula E?

    No one.

  2. worknman24hours - Dec 21, 2013 at 9:52 AM

    I did.

    I am liking this new series.

    The worst that can happen is that Formula E has a mild run and closes down with a lot of good memories for those involved.

    The best that can happen is that this racing series has some real excitement and we see teams fighting with issues we never saw coming.

    There is a lot of challenges to running a electric car an entire race distance and I can’t wait to see them fight those.

    The drivers will LOVE those electric cars because they will be LOADED with torque power.

    Electric motors make power very low and accelerate with a seamless blast making them ideal for racing because the power is totally predictable every time you drop the throttle.

    Think about the driver in the number one car-he’s already pitted three times for a slide in power block change which his pit team did in under four seconds-his power cell is running down to fifty percent power-which we see on the tv feed-his competitor who drove a smarter race or who has benifitted from a new tech package is closing with eighty percent power and there is but five laps to run.

    There are many more challenges Formula E has to face and the thing to remember is that this series does’nt not in any way threaten any fossil fuel racing series-it complements them.

    Should be very much fun to watch.

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