Published on January 3rd, 2014 | by Daniel Sherman Fernandez0
Formula E Gets USD21Million Cash Injection
Formula E, the new electric car motorsport championship poised to launch in September, has announced an injection of funding from Causeway Media Partners. Causeway is led by Boston Celtics managing partner Wyc Grousbeck (pictured below) who has US$21 million in the series, which will host street races in ten cities including Monte Carlo, London, Los Angeles and Beijing.
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.”
He added: “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.”
Formula E has already attracted interest from the likes of former Formula One world champion Alain Prost, Sir Richard Branson’s Virgin company and actor Leonardo di Caprio, all of whom have an interest in the ten teams which have been confirmed for the first season. The series, led by Spaniard Alejandro Agag and backed by world motorsport’s governing body, the FIA, has also secured a major global broadcast deal with Fox Sports.