Formula E has received a boost ahead of its launch next year, with the announcement that US investment fund Causeway Media Partners has injected $21m (€15.4m) into the motor racing championship.
Causeway was formed in May by Wyc Grousbeck, managing partner of the Boston Celtics, and fellow venture capitalists Bob Higgins and Mark Wan, a co-owner of the NBA basketball team who is also part-owner of the NFL’s San Francisco 49ers. The group has raised about $100m to invest in sports media and entertainment properties and has made Formula E its first port of call. “We aim to help make Formula E a worldwide sensation,” Grousbeck told the Associated Press news agency. “With our upcoming races in the centres of Los Angeles and Miami, we will help showcase the power and promise of sustainable vehicle technology.”
Grousbeck, who will serve on the board of Formula E Holdings, said the competition for faster and more efficient electric race cars is expected to bring technological breakthroughs that will transfer to street-ready electric vehicles. He continued: “We know the power of competition and entertainment, and will bring our knowledge to the development of the market for electric vehicles. 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.”
Alejandro Agag, chief executive of series promoter Formula E Holdings, said the investment by American sports team owners is “a game-changer.” He added: “The US is one of the main markets for Formula E. To have a partner that knows deeply the US sports market places us in a unique position to develop our championship in the Americas.”
Earlier this month, Formula E finalised its calendar for its debut season, with Rio de Janeiro stepping in to replace Hong Kong on the 2014-15 schedule. The calendar will take in 10 city-centre races across four continents from September 2014 to June 2015. Beijing will remain as the host venue for the world’s first ever fully-electric race commencing on September 13. After the opening round, Formula E will remain in Asia for the second event in Putrajaya, the federal administrative centre of Malaysia. Round three will see the championship head to Rio in place of Hong Kong, before continuing in South America in Punta del Este, Uruguay and Buenos Aires, Argentina. The championship then travels to North America for rounds six and seven in Los Angeles and Miami respectively. Europe will conclude the season in Monte Carlo, Monaco and Berlin, Germany. London will host the final race of the inaugural season on June 27, 2015.
Source: Sportbusiness
