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Formula E racing gets boost

Boston Celtics’ managing partner, Wyc Grousbeck (left), stands with venture capitalist Bob Higgins (centre) and team co-owner Mark Wan during a break in the action at an NBA basketball game in Boston, USA, last week. Grousbeck and a group featuring a dozen of his co-owners in the NBA franchise have invested US$21 million into Formula E, an all-electric auto-racing series.-Contributed

Races to begin in China next September

BOSTON (AP):A new, environmentally friendly auto-racing series just got even greener. Boston Celtics managing partner, Wyc Grousbeck, and a dozen of his co-owners in the National Basketball Association (NBA) franchise have invested US$21 million in Formula E. The all-electric circuit has already attracted celebrities with environmental interests such as actor Leonardo DiCaprio and billionaire Richard Branson.

The series is scheduled to debut in Beijing next September and continue on the streets from Miami to Monaco in a 10 race, Formula One style championship.

“We aim to help make Formula E a worldwide sensation,” Grousbeck told The Associated Press this week, shortly before the deal closed. “With our upcoming races in the centres of Los Angeles and Miami, we will help showcase the power and promise of sustainable vehicle technology.”

The leader of a group that purchased the NBA’s most-decorated franchise in 2002, Grousbeck formed Causeway Media Partners this May (it’s named for the street that runs past the Boston Garden), along with fellow venture capitalists Bob Higgins and Mark Wan, a Celtics co-owner who is also part-owner of the San Francisco 49ers.
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