Dec 19, 2013, 5:30 PM EST
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.
Jan 25, 2015, 6:27 AM EST
Sunday has dawned at the 53rd Rolex 24 at Daytona.
Jan 25, 2015, 2:10 AM EST
An early mistake from Ken Roczen shuffled him to the back of the field and resulted in him giving up the points lead.
Jan 25, 2015, 1:55 AM EST
Cooper Webb retained the points lead in the 250 Class but had some pointed words for Tyler Bowers after the race.
Jan 24, 2015, 11:10 PM EST
The 53rd Rolex 24 at Daytona is now underway.
Jan 24, 2015, 10:50 PM EST
UPDATED: A pair of disqualifications involving two of Abreu’s NASCAR K&N Pro Series East teammates elevate the Chili Bowl champion to a 13th place finish.
Jan 24, 2015, 7:06 PM EST
Coon will work on MRN Radio’s live qualifying and race broadcasts in 2015.
Jan 24, 2015, 5:23 PM EST
Since resigning from Ferrari last fall, Montezemolo has taken over as CEO of an Italian airline and joined the board of directors for F1’s controlling shareholder.
Jan 24, 2015, 3:08 PM EST
Vets-Help hopes to not only host disabled veterans’ races at the track, but also build a residential complex and rehab center for vets and soldiers returning from war.
Jan 24, 2015, 1:37 PM EST
Former team competition director alleges that KBM owes him bonus money and commissions from a pair of sponsorships he says he helped get for the team.
Jan 24, 2015, 12:39 PM EST
The reigning World Champ and aspiring R&B singer aligns with London PR firm that’s home to some of the world’s most popular musicians.
Jan 24, 2015, 11:32 AM EST
NASCAR driver Jamie McMurray loves everything about racing sports cars, especially in this week’s Rolex 24 at Daytona, except for one thing — the noise.
Jan 24, 2015, 9:00 AM EST
Against the odds, the key storyline heading into today’s Rolex 24 at Daytona is a P2 convert going up against DP teams for the overall win.
Jan 23, 2015, 8:16 PM EST
At 707 horsepower, the last thing anyone would likely think is that a Dodge Challenger SRT Hellcat would lose a drag race to … an all-electric Tesla. But it’s true, sadly for Mopar fans.
Jan 23, 2015, 7:45 PM EST
The NASCAR team owner talks about his initial reaction to Gordon’s retirement decision, Gordon’s impact on the sport, and what his team’s plans are for after 2015.
Jan 23, 2015, 7:13 PM EST
On Friday, the NASCAR America crew discussed potential candidates to inherit the No. 24 car with 2015 being Jeff Gordon’s final season. One interesting name came up, that of Kyle Larson.
Jan 23, 2015, 6:34 PM EST
Victory Motorcycles will compete for the first time in the NHRA Pro Stock Motorcycle class in 2015, with husband and wife team Matt and Angie Smith heading up the effort.
Jan 23, 2015, 6:22 PM EST
Rex White, to be inducted into the NASCAR Hall of Fame next Friday, wasn’t just a great driver, he’s also a great storyteller. We share some of his best tales with MST readers.
Jan 23, 2015, 5:48 PM EST
Gordon has left the door open to competing in other series when his full-time Sprint Cup career ends this fall.
Jan 23, 2015, 5:00 PM EST
The four-time Sprint Cup champion isn’t the only NASCAR driver that’s gotten rich in the last two decades or so.
WATCH LIVE: NASCAR AMERICA, 5 p.m. ET – More on Jeff Gordon’s decision; interviews with Hendrick, Hornish
Jan 23, 2015, 4:30 PM EST
Also coming up today: Breaking down offseason moves from Petty, Stewart-Haas teams; looking back on an ‘Awesome’ 1985 Daytona 500; the Top-5 moments from the 2014 Chase.
Video from NASCAR America
- Rex White, NASCAR Hall of Fame driver — and storyteller 1
- Is a NASCAR TV analyst career in Jeff Gordon’s future? ‘I’d entertain it’ 2
- After wedding and winter to reflect, Joey Logano looks for more in 2015 2
- Jeff Gordon’s legacy of success transcends generations 1
- Jeff Gordon announces 2015 as final full-time season 43
- NASCAR: Trackside shopping set to change as part of new Fanatics deal (UPDATED) 10
- Brian Vickers to return to racing at Las Vegas after health scare 9