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.
Jul 29, 2015, 5:10 PM EDT
Rahal is second in the points and takes his career best season to his home track of Mid-Ohio.
Jul 29, 2015, 2:37 PM EDT
Johnson will make his first start of 2015 this weekend at Mid-Ohio.
Jul 29, 2015, 1:10 PM EDT
Simon Pagenaud looking for first top-fin finish since Detroit race one.
Jul 29, 2015, 12:02 PM EDT
In eight IndyCar races at Mid-Ohio, Scott Dixon has a record five wins.
Jul 29, 2015, 9:00 AM EDT
There’s still a good seven to 10 high-quality drivers without a win in IndyCar, 2015, who could add to the list of winners.
Marcos Ambrose looks to salvage lost season in V8 Supercars, has had no issues ‘moving on’ from NASCAR
Jul 28, 2015, 8:50 PM EDT
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‘Race With Restraint’ proves grassroots racers want, will use more safety equipment at affordable rate
Jul 28, 2015, 6:56 PM EDT
The first attempt at bringing top-of-the-line safety equipment to the grassroots racing masses was an unqualified success.
Jul 28, 2015, 4:32 PM EDT
Hector Arana Jr. hopes 2015 is about time to finally be his time.
Jul 28, 2015, 3:45 PM EDT
Fast facts heading into this weekend’s Honda Indy 200, courtesy of IndyCar PR staff.
Jul 28, 2015, 2:50 PM EDT
To paraphrase Mark Twain, rumors of the demise of NHRA’s Pro Stock class have been greatly exaggerated.
Jul 28, 2015, 12:31 PM EDT
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Jul 28, 2015, 11:38 AM EDT
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Jul 28, 2015, 11:23 AM EDT
Zanardi still wants to race the Indy 500, if possible.
Jul 28, 2015, 11:04 AM EDT
Singapore Grand Prix circuit to adjust Turns 11 to 13.
Jul 28, 2015, 10:15 AM EDT
Sherwin-Williams joins the Hulman Motorsports family as Official Paint and Finishing Partner.
Jul 28, 2015, 9:55 AM EDT
We check in with NBCSN IndyCar analyst Townsend Bell for latest “Ten with Townsend” insights, post the Iowa race and heading into Mid-Ohio.
Jul 27, 2015, 4:51 PM EDT
Good news, Ricciardo made the podium. Bad news, his trophy didn’t survive it.
Jul 27, 2015, 4:09 PM EDT
Jakes kept his visor down after all on a pit stop in Iowa.
Jul 27, 2015, 3:13 PM EDT
A quick look back at Chaves’ short track debut.
Jul 27, 2015, 2:00 PM EDT
Karam needs a clean, consistent weekend at Mid-Ohio.
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