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.
Sep 18, 2014, 11:00 AM EDT
Everything is in place for the first Russian Grand Prix in 100 years to take place on October 12th.
Sep 18, 2014, 10:30 AM EDT
Twelve finalists named in USF2000 seat shootout.
Sep 18, 2014, 10:00 AM EDT
Massa believes that Williams should be aiming to beat Red Bull despite trailing by almost 100 points in the constructors’ championship.
Sep 18, 2014, 9:27 AM EDT
The Volkswagen Beetle makes its debut at the LA doubleheader round this weekend.
Sep 18, 2014, 9:00 AM EDT
F1 ventures to Asia for its second annual glamor event in Singapore.
Sep 17, 2014, 8:00 PM EDT
The 2003 Sprint Cup champion talks with NASCAR AMERICA’s Marty Snider about how he’s now looking forward to racing at New Hampshire more than ever before.
Sep 17, 2014, 7:18 PM EDT
Joe Gibbs tells the press that the details have already been decided, and that an announcement could come within the next few weeks.
Sep 17, 2014, 6:15 PM EDT
Denny Hamlin and Kurt Busch are currently in position to make the Contender Round, but need big results this weekend at New Hampshire. NASCAR AMERICA’s Frank Stoddard explains why.
Sep 17, 2014, 5:30 PM EDT
Waltrip and partner Emma Slater are moving on to Week 2 despite a shaky opening performance.
Sep 17, 2014, 4:45 PM EDT
Also on tap: Chicagoland edition of “Scan All 43″; learning the best lines around New Hampshire.
Sep 17, 2014, 3:31 PM EDT
The No. 20 Truck failed to meet post-race body height requirements following Saturday night’s Truck Series event at Chicagoland Speedway.
Sep 17, 2014, 2:35 PM EDT
Needing two more good races to make the Contender Round, knowing when and when not to take a chance on the track will be important for the 4 camp.
Sep 17, 2014, 2:00 PM EDT
Singapore GP and two Red Bull GRC races to watch this weekend, among other items, on NBC TV times.
Sep 17, 2014, 1:33 PM EDT
RPM also announces that it will stay with Ford, and also continue chassis/engine supply deals with Roush Fenway Racing and Roush Yates Engines respectively.
Sep 17, 2014, 1:00 PM EDT
Ed Carpenter Racing and Sarah Fisher Hartman Racing, under new CFH Racing banner, will run Chevrolets in the 2015 Verizon IndyCar Series.
Sep 17, 2014, 12:36 PM EDT
Team engineering director Pat Fry says some new components for 2015 will be tested on the current F14 T car during the final stretch of races this year.
Sep 17, 2014, 11:19 AM EDT
DEWALT and STANLEY join Joe Gibbs Racing, for Carl Edwards and Matt Kenseth, in 2015.
Sep 17, 2014, 10:56 AM EDT
GP2 adds DRS for 2015.
Sep 17, 2014, 10:02 AM EDT
NASCAR Whelen Euro Series announces 2015 schedule, which includes another oval.
Sep 16, 2014, 10:00 PM EDT
Lajoie will run his first Cup race at New Hampshire, while Justin Boston will drive for Joe Gibbs Racing at Kentucky and Dover in the Nationwide Series.
Video from NASCAR America
- 2014 Singapore Grand Prix Preview 0
- NASCAR AMERICA: Matt Kenseth confident as Loudon looms (VIDEO) 0
- Singapore GP, Red Bull GRC highlight weekend’s NBC motorsports coverage 0
- NASCAR: Richard Petty Motorsports committed to two-car program in 2015 6
- NASCAR: STANLEY, DEWALT join JGR in 2015 4
- NASCAR AMERICA: One Sprint Cup title not enough for Keselowski (VIDEO) 0
- IndyCar’s Mikhail Aleshin released from Indianapolis hospital 0