The lead owner of an NBA basketball team, the Boston Celtics, has announced that together with his Causeway Media Partners they will be investing multi-millions in Formula E.
Wyc Grousbeck, the lead owner, will resultantly be on the Board of Directors at Formula E Holdings the official series promoters for the FIA Formula E Championship that kicks off in China September 2014.
The exclusive licence the FIA gave Formula E Holdings means they have the rights to the sport for the next 25 years.
Grousbeck co-founded Causeway Media Partners in May 2013 with long-time investing partners, Bob Higgins and Mark Wan. The fund has also received personal backing from a number of NFL and NBA team owners, including the Boston Celtics ownership group he leads, as well as leading figures from the private equity and media worlds.
What the investment means for Formula E as a whole is yet to become apparent, but to state the obvious the increase in funds and know-how of Causeway Media Partners will likely help ensure a professional media appearance and increased advertising for the sports promotion.
Wyc Grousbeck said:
“I am happy to announce that Causeway Media Partners has brought its deep network of NBA and NFL owners, as well as media executives and renowned investors, to Formula E. We believe Formula E is a great evolutionary step in motorsport and a way to entertain millions around the world while driving the development of the best possible electric vehicles.
It is a privilege to be in a partnership with Formula E’s Alejandro Agag and Enrique Bañuelos, as well as with world-class partners such as FOX Sports, Virgin Racing, Audi Sport ABT, TAG Heuer, Michelin and Renault. We aim to help make Formula E a worldwide sensation, with a focus on the development of high-speed electric racing in the United States. With our upcoming races in the centres of Los Angeles and Miami, we will help showcase the power and promise of sustainable vehicle technology, while entertaining millions.
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. At Causeway, we know the power of competition and entertainment, and will bring our knowledge to the development of the market for electric vehicles.”
Alejandro Agag, CEO of Formula E Holdings, said:
“We’re extremely happy to welcome Wyc Grousbeck and his Causeway Media Partners as a shareholder of Formula E and know they will prove to be a great asset to the development of the series. Wyc brings with him extensive knowledge and experience of the US sports market which of course remains a key area for Formula E given we have two US-based teams, two US cities, broadcaster FOX Sports and of course the US’s ever expanding Electric Vehicle market.
Today’s news is also another significant step in the growth of Formula E. Earlier this year we announced our 10-race calendar and also our 10 teams which includes worldwide names in motorsport such as Michael Andretti [Andretti Autosport] and Jay Penske [Dragon Racing], through to global environmentalists like Sir Richard Branson [Virgin Racing] and Leonardo DiCaprio [Venturi Grand Prix].
I have also personally known Wyc for many years and know he’s going to make a huge contribution to our Board of Directors and the direction of the FIA Formula E Championship.”
Source; FIA Formula E