Celtics Managing Partner & CEO Wyc Grousbeck and "a dozen of his partners" in the team have raised about $100M to "invest in sports media and entertainment companies" through Causeway Media Partners, according to Jimmy Golen of the AP. The group's "first plunge was a stake in Formula E," and the follow-up is Street League Skateboarding, which is the pro circuit for the "growing but decidedly low-tech sport." Causeway co-Founder Mark Wan -- an investor in both the Celtics and 49ers -- said, "Skateboarding's not a very expensive sport to pick up. It doesn't require you be a part of a team. That's one of the goals of street league is to make this really accessible.'' SLS was founded in '10 by skateboarder Rob Dyrdek and business partner Brian Atlas, but the duo "decided it was time to bring in outside investors." Atlas said, "We were maxed out on our resources. We felt like we were hitting a ceiling with our own business in terms of our revenue. We needed, beyond the strategic support, the additional firepower to grow. And that's what we believe Causeway will be able to bring." The group will put $4-5M into the league -- with the "possibility for more down the line." Atlas said that the partnership also will "bring along its expertise in everything from human resources and ticket sales to big-picture strategy and media contacts developed over a decade in legacy bat and ball sports." Golen noted part of the league's plan is to "create a 'path to pro' that would lead from public skate parks -- SLS has already helped build or design about 10 of them across the country -- to a world championship." SLS by next year hopes to "have more entry-level events feeding into an open championship" (AP, 5/17). SportsBusiness Journal first reported the investment by Grousbeck and Wan.
