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.
Nov 28, 2014, 7:00 AM EST
A new regime will come into force at Maranello next season following a disappointing campaign in 2014.
Nov 28, 2014, 6:00 AM EST
British racer will remain with Williams for 2015 after becoming the first woman to take part in a grand prix weekend session in 22 years over the summer.
Nov 27, 2014, 8:46 PM EST
NHRA team owner Don Schumacher underwent surgery Wednesday for early-stage skin cancer.
Nov 27, 2014, 8:04 PM EST
NASCAR star Kyle Busch and wife Samantha dropped a very big hint that their first child may be a boy.
Nov 27, 2014, 7:28 PM EST
IndyCar driver Graham Rahal and NHRA driver Courtney Force announced their engagement Thursday in Venice, Italy.
Nov 27, 2014, 5:57 PM EST
Police continue to investigate the cause of death of Theresa Benn, who had been missing more than a month before her body was found last week near Talladega Superspeedway.
MST exclusive: BK Racing co-owner Anthony Marlowe apologizes for Cole Whitt/David Ragan tweet controversy
Nov 27, 2014, 3:23 PM EST
BK Racing minority owner Anthony Marlowe offers a public apology to MotorSportsTalk on his inadvertent tweet of Cole Whitt replacing David Ragan in the No. 34 car for 2015.
Nov 27, 2014, 2:16 PM EST
Steve Byrnes of Fox Sports gave friends and family a promising Thanksgiving update about his battle with Stage 4 head-and-neck cancer.
Nov 27, 2014, 10:45 AM EST
Hulkenberg gets an LMP1 opportunity with Porsche at Spa and Le Mans next season.
Nov 27, 2014, 9:00 AM EST
What we’re thankful across the wide spectrum of motorsports in 2014.
Nov 26, 2014, 11:01 PM EST
If you’re in the Charlotte area and want to have a great Black Friday experience, head on over to Charlotte Motor Speedway, where for a donation, you can drive on the actual racetrack.
Sam Hornish Jr. has much to be thankful for: new home, renewed Sprint Cup hopes with Richard Petty Motorsports
Nov 26, 2014, 8:56 PM EST
Sam Hornish Jr. has a lot to give thanks for this Thanksgiving, most notably a new ride and a new lease on his Sprint Cup driving life with Richard Petty Motorsports.
Nov 26, 2014, 4:40 PM EST
NBCSN will present a 14-hour ‘Mecum Marathon’ starting Thursday, Thanksgiving Day.
Nov 26, 2014, 2:30 PM EST
Simon Pagenaud’s Indy 500 Senna tribute helmet to be auctioned for Ayrton Senna Foundation.
Nov 26, 2014, 2:29 PM EST
Front Row Motorsports officials on Wednesday denied rumors of Cole Whitt replacing David Ragan in the No. 34 Ford for 2015.
Nov 26, 2014, 1:58 PM EST
Record cable numbers for F1 on NBCSN this season.
Nov 26, 2014, 1:00 PM EST
A rundown through the field after the final day of on-track running for F1 2014.
Nov 26, 2014, 12:30 PM EST
Some NASCAR AMERICA specials are on tap before the end of the year.
Nov 26, 2014, 12:00 PM EST
Marciello gracious for opportunity, and was thinking of Jules Bianchi throughout the day.
Nov 26, 2014, 11:30 AM EST
A.J. Foyt with post-operative complication, but resolved.
Video from NASCAR America
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