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.
Oct 21, 2014, 10:00 PM EDT
The championship contender talks about his reputation during a Monday night appearance at Texas Motor Speedway.
Oct 21, 2014, 8:00 PM EDT
As NASCAR AMERICA’s Kyle Petty explains, the new Chase format has created something that NASCAR hasn’t seen before.
Oct 21, 2014, 7:00 PM EDT
A ninth Martinsville win on Sunday would put Gordon into the Championship Race at Homestead. Check out his interview with NASCAR AMERICA’s Jason Weigandt about his success at M’Ville and more.
Oct 21, 2014, 5:44 PM EDT
Logano admits he should’ve given Patrick more space on the race track two weekends ago.
Oct 21, 2014, 4:40 PM EDT
Extended interviews with Kevin Harvick, Jeff Gordon, Brad Keselowski, and Carl Edwards also coming up on today’s episode of NASCAR AMERICA.
Oct 21, 2014, 3:40 PM EDT
A source tells Reuters that the legal action is not expected to impact the racing activities of the team, which is owned by a separate entity.
Oct 21, 2014, 2:30 PM EDT
Denny Hamlin, Ryan Newman, Matt Kenseth, and Carl Edwards can launch themselves into the Championship at Homestead with a win this weekend.
Oct 21, 2014, 2:00 PM EDT
Kyle Fowler joins the Sprint Cup grid at Martinsville.
Oct 21, 2014, 1:12 PM EDT
NASCAR says damage sustained during Sunday’s GEICO 500 was the cause of his car being too low in post-race inspection.
Oct 21, 2014, 12:55 PM EDT
The Indy Lights grid is beginning to take shape for 2015.
Oct 21, 2014, 12:22 PM EDT
Total’s CEO dies in plane crash; this could have motorsports impact.
Oct 21, 2014, 12:00 PM EDT
Porsche provides five young drivers shot to learn and further integrate themselves with the brand.
Oct 21, 2014, 11:00 AM EDT
A blind 16-year-old gets to live his dream and have a brief chance behind the wheel.
Oct 21, 2014, 10:00 AM EDT
Kurt Busch, Susie Wolff join Race of Champions lineup.
Oct 21, 2014, 9:00 AM EDT
Andretti Sports Marketing explains some of the tricks to the trade in promoting new race events, with Miami and NOLA set for 2015.
Oct 21, 2014, 8:00 AM EDT
LA Galaxy’s Chandler Hoffman first up in “What’Cha Got” presented by Continental Tire show to drive a Lamborghini.
Oct 20, 2014, 9:30 PM EDT
Six different teams are represented among the eight remaining Chasers, and NASCAR’s post-season is starting to resemble another familiar tournament. NASCAR AMERICA’s Kyle Petty and Jeff Burton discuss.
Oct 20, 2014, 8:32 PM EDT
Newman, one of the “Eliminator 8,” may be penalized tomorrow by NASCAR after his car was found to be too low following Sunday’s race at Talladega. Nate Ryan has more on the situation.
Oct 20, 2014, 7:15 PM EDT
Notes and numbers to keep in mind as the 8 remaining Chasers prepare to begin the Eliminator Round.
Oct 20, 2014, 6:15 PM EDT
Recapping Talladega on NASCAR AMERICA.
Video from NASCAR America
- NASCAR AMERICA: Jeff Gordon’s “Drive For Five” continues at Martinsville (VIDEO) 0
- NASCAR won’t penalize Ryan Newman, No. 31 team for Talladega infraction 0
- Total CEO dies in Moscow plane crash 1
- Insight: Planning Andretti’s Sports Marketing promotional efforts at Miami and NOLA 0
- Remembering racing legend Raymond Beadle: ‘Once upon a time, I was the best at what I did’ 2
- Weekend wrap: Brad Keselowski rises up to Talladega challenge 0
- The irony of a winless driver winning a title in the new Chase still exists 4