|Celtics owners invest in electric-car racing circuit||12.19.13 at 12:18 pm ET|
Celtics managing partner Wyc Grousbeck‘s Causeway Media Partners — a company formed by a group of parties with ownership stakes in the team — is investing $21 million in Formula E, a new electric-car racing circuit that is set to debut in September.
The Formula E series is scheduled to start with a race in Beijing and continue with 10 races around the world in a Fomula One-style championship.
“We aim to help make Formula E a worldwide sensation,” Grousbeck told The Associated Press. “With our upcoming races in the centers of Los Angeles and Miami, we will help showcase the power and promise of sustainable vehicle technology.”
Causeway Media Partners was formed in May to invest in sports media and entertainments properties. Formula E is its first venture.
“We know the power of competition and entertainment, and will bring our knowledge to the development of the market for electric vehicles,” Grousbeck said. “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.”
Grousbeck will serve on the board of Formula E Holdings, and he said he expects that the series will help bring technological advancements that will translate to consumer electric vehicles.
“The ultimate goal is to become a preferred channel for promoting and increasing electric vehicle sales to consumers,” Causeway Media Partners said in a release. “If this goal is achieved, the holding company that owns the sport should become highly profitable.”