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.
Apr 24, 2014, 11:06 PM EDT
Ryan Blaney and James Buescher topped Thursday’s two practice sessions for Friday’s ToyotaCare 250 NASCAR Nationwide Series race at Richmond International Raceway.
As NHRA closes in on 100 wins by female racers, it all started with one of the greatest, Shirley Muldowney
Apr 24, 2014, 10:01 PM EDT
The NHRA is just two wins away from recording 100 victories by female drivers in the sport’s all-time annals, which could happen in this weekend’s 27th annual O’Reilly Auto Parts NHRA SpringNationals presented by Super Start Batteries at Royal Purple Raceway. And while all eyes this weekend will be on drivers such as Alexis DeJoria and Courtney Force (Funny Car), Brittany and Leah Pritchett (Top Fuel) and Erica Enders-Stevens (Pro Stock) as potential candidates to set that significant milestone, it’s also time to reflect back on who started it all, the legendary Shirley “Cha Cha” Muldowney.
Apr 24, 2014, 9:02 PM EDT
If you like vintage cars, collectors cars, muscle cars — pretty much anything that looks great and is on four wheels — you owe it to yourself to check out some of the fantastic rides that were up for sale Wednesday during the first day of the Mecum Kansas City auction.
Apr 24, 2014, 9:00 PM EDT
The two IndyCar pilots have a blast at U.S. Space Camp before getting down to business this weekend at Barber Motorsports Park (Sun., 2:30 p.m. ET on NBCSN/NBC Sports Live Extra).
Apr 24, 2014, 8:21 PM EDT
Brad Keselowski had a dream season in 2012, winning his first NASCAR Sprint Cup championship. Now Keselowski wants a dream schedule on the Cup circuit – and some of his ideas make sense.
Patrick Carpentier returns to race Quebec’s famed Circuit Trois-Rivieres for first time in nearly 20 years
Apr 24, 2014, 6:34 PM EDT
It has taken him nearly 20 years, but Patrick Carpentier is going back home to race. A veteran of several race series in his career including CART (5 wins), GP3R (2 wins), IndyCar and NASCAR, the Quebec, Canada native will return to the Circuit Trois-Rivieres street course for his first-ever FIA World Championship Rallycross race August 7-8.
Apr 24, 2014, 5:40 PM EDT
Don’t ask Ryan Blaney for directions, period. That’s the message in the latest edition of the Penske Files, in which a Team Penske member asks Blaney for directions to the nearest Discount Tire outlet (Discount Tire is one of Blaney’s primary sponsors in the Nationwide Series this season).
Apr 24, 2014, 5:21 PM EDT
According to driver Aric Almirola, team owner Richard Petty is expected to attend Saturday’s NASCAR Toyota Owners 400 at Richmond International Raceway. It will be the first time that Petty has been at a racetrack since the death of his beloved wife Lynda on March 25.
Apr 24, 2014, 4:00 PM EDT
Steve O’Donnell, NASCAR’s senior vice president of racing operations, says that the process of finalizing the ’15 engine package is underway.
Apr 24, 2014, 3:37 PM EDT
Brandon Davis did all he could to keep Swan Racing afloat. But even a multi-millionaire oil and gas industrialist can only bleed so much money before deciding to throw a red flag on the operation. When anticipated funding and sponsorship failed to materialized, the two-team operation sank so fast that Davis had no other choice but to essentially go out of business.
Apr 24, 2014, 12:44 PM EDT
Improved qualifying will likely yield greater results for RLL Racing at Barber this weekend.
Apr 24, 2014, 11:00 AM EDT
Sebastien Bourdais, Sebastian Saavedra seek their best weekends of the year at the Barber Motorsports Park event.
Apr 24, 2014, 10:15 AM EDT
Dale Coyne’s team, plus a handful of others will need to assemble programs shortly to bring the Indianapolis 500 car count number up to 33, and perhaps beyond.
Apr 24, 2014, 9:30 AM EDT
After Long Beach debacle, Andretti Autosport looks to right the ship, get second straight Barber win this weekend.
Apr 24, 2014, 8:45 AM EDT
Looking for a second straight fast, solid weekend, Josef Newgarden and the SFHR team seek an improvement on P9 in 2013 at Barber.
Apr 24, 2014, 8:00 AM EDT
Round 3 of the Verizon IndyCar Series could be a humdinger at Barber with high drama, high tempers possible after Long Beach.
Apr 23, 2014, 7:00 PM EDT
RPM’s Marcos Ambrose on his start to the 2014 NASCAR Sprint Cup Series season.
Apr 23, 2014, 6:53 PM EDT
John Force is your classic workaholic.
Even when he’s on vacation and supposed to be resting and relaxing and taking things slow, the record-setting 16-time NHRA Funny Car champ never stops working. Force was on vacation with his family last weekend in St. Croix, Virgin Islands, a prelude to his upcoming 65th birthday on May 4.
Apr 23, 2014, 6:00 PM EDT
Swan Racing has restructured its two-car Sprint Cup team, the organization announced Wednesday afternoon. Minority owner Anthony Marlowe has merged his ownership stake in the No. 26 Toyota driven by Sprint Cup rookie Cole Whitt with BK Racing, which now expands to a three-car operation. Meanwhile, the No. 30 team has been sold to John Cohen, owner of XxxTreme Motorsports.
- As NHRA closes in on 100 wins by female racers, it all started with one of the greatest, Shirley Muldowney 0
- Brad Keselowski: Changes overdue to Sprint Cup schedule; offers his ideas 4
- Richard Petty to return at Richmond, first race since wife Lynda’s death 1
- NASCAR VP: 2015 Sprint Cup engine package to be revealed before All-Star Race 0
- Too much, too fast, too soon: The sad saga of Swan Racing 0
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