Skip to content

Boston Celtics owners provide financial jolt to Formula E

Dec 19, 2013, 5:30 PM EST

Wyc Grousbeck, Bob Higgins, Mark Wan AP

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.

Latest Posts
  1. Michael Schumacher’s son, Mick Jr., has ‘secret’ F4 test

    Dec 19, 2014, 6:55 PM EST

    mick schumacher jr.

    Michael Schumacher’s son, Mick Jr., spent a recent testing day in a Formula 4 car, a possible prelude to following in his famous father’s footsteps.

  2. Ganassi places faith in youngsters Kimball, Karam by putting them in No. 01 car

    Dec 19, 2014, 4:00 PM EST

    CGRdaytona Getty Images

    Rare, intriguing call for CGR to put two lesser-experienced drivers in No. 01 car.

  3. Williams recaps incredible 2014 campaign (VIDEO)

    Dec 19, 2014, 3:00 PM EST

    AUTO-PRIX-F1-ABU-DHABI-PODIUM Getty Images

    Williams’ stellar 2014 season, recapped in pictures and words.

  4. Top NASCAR stories of 2014: No. 12 – Newman, Kenseth winless but still successful

    Dec 19, 2014, 2:15 PM EST

    Hollywood Casino 400 - Practice Getty Images

    Ryan Newman and Matt Kenseth proved that consistency still pays.

  5. Report: The Sprint Experience will not return in 2015

    Dec 19, 2014, 1:49 PM EST

    sprint cup logo

    The fan-favorite Sprint Experience at NASCAR tracks across the country is apparently no longer, according to a media report.

  6. NASCAR: Top drivers of 2014 – No. 18 Jamie McMurray

    Dec 19, 2014, 1:30 PM EST

    NASCAR Sprint All-Star Race Getty Images

    McMurray shined at the All-Star Race in May but missed out on a 2014 Chase berth.

  7. NASCAR: Top drivers of 2014 – No. 17 Kyle Larson

    Dec 19, 2014, 12:57 PM EST

    (David Becker/Getty Images) Getty Images

    Kyle Larson had a tremendous rookie season in 2014. If he was that good this season, imagine how much better he’ll be next season and seasons to come.

  8. Felipe Nasr goes with 12 for his F1 car number

    Dec 19, 2014, 12:30 PM EST

    F1 Grand Prix of Brazil - Previews Getty Images

    Felipe Nasr’s No. 12 rounds out the F1 grid number choices for 2015.

  9. Vergne joins Ferrari as a test driver

    Dec 19, 2014, 12:00 PM EST

    Canadian F1 Grand Prix - Previews Getty Images

    Jean-Eric Vergne signs with Ferrari as a test and development driver, which means a bunch of simulator work.

  10. RC Enerson confirmed for Indy Lights with Schmidt Peterson

    Dec 19, 2014, 11:17 AM EST

    IndyLights

    RC Enerson moves up from USF2000 to Indy Lights.

  11. NASCAR: Kid Rock to perform pre-race show at 2015 Daytona 500

    Dec 19, 2014, 11:00 AM EST

    2014 Louder Than Life Festival - Day 2 Getty Images

    Multiplatinum artist to rock out before 2015 running of the Great American Race.

  12. NASCAR Canadian Tire Series 2015 schedule released

    Dec 18, 2014, 9:51 PM EST

    Canadian tire series logo

    It lasts only four months, but there’ll be lots of action on the schedule for the 2015 NASCAR Canadian Tire Series.

  13. Ricky Stenhouse Jr. to do a little pre-Christmas dirt tracking Saturday in Illinois

    Dec 18, 2014, 9:26 PM EST

    (Tom Pennington/Getty Images) Getty Images

    Ricky Stenhouse Jr. will be slinging some pre-Christmas dirt this Saturday in an all-star sprint car race in DuQuoin, Ill.

  14. Kurt Busch sponsor supports him ‘110 percent’ in dispute with ex-girlfriend

    Dec 18, 2014, 8:50 PM EST

    (Jerry Markland/Getty Images) Getty Images

    One of Kurt Busch’s sponsors has joined team owner Gene Haas in backing the driver in his ongoing dispute with ex-girlfriend Patricia Driscoll.

  15. Have a good laugh: Check out NASCAR America’s 2014 blooper reel (video)

    Dec 18, 2014, 6:31 PM EST

    NASCAR America

    Want to have a good laugh or two? Check out all of the bloopers and behind-the-scenes fun from NASCAR America over this past year.

  16. NASCAR suspends Camping World Truck Series crew member

    Dec 18, 2014, 6:18 PM EST

    nascar logo 2014

    NASCAR announced that a Camping World Truck Series crew member has been suspended for violating the sanctioning body’s substance abuse policy.

  17. WATCH: Race of Champions at 7 p.m. ET kicks off motors evening on NBCSN

    Dec 18, 2014, 6:00 PM EST

    ROA_Twitter_Promo

    RoC, Mecum, and two F1 “Road To:” specials make for motors block on NBCSN tonight starting at 7 p.m. ET.

  18. IndyCar champ Will Power’s hidden talent — breakdancing

    Dec 18, 2014, 4:15 PM EST

    penske file power montoya 2014

    Will Power is a closet breakdancer? Who knew? Find out in the latest edition of The Penske Files.

Video from NASCAR America

NASCAR America's 2014 blooper reel
Top 10 NASCAR Driver Searches
  1. A. Self (1970)
  2. C. Coughlin (1799)
  3. D. Suarez (1724)
  4. M. Tifft (1687)
  5. J. Boston (1630)
  1. K. Busch (1554)
  2. K. Busch (1525)
  3. B. Vickers (1507)
  4. D. Armstrong (1169)
  5. K. Larson (978)