New Cup Team? UPDATE 2: Fox broadcaster and Petty Enterprises adviser Larry McReynolds and Fanz Enterprises are announcing a new Winston Cup team Friday at Richmond International Raceway. Fans are participating in the new team by actually buying into the ownership.(Lap by Lap). No idea what this is about(9-6-2001) UPDATE: from back in April – J. Roe Hitchcock wants to put the stock into stock-car racing. The 39-year-old investment executive and Harvard MBA, known for buying faltering companies and rebuilding them, hopes to create a publicly-traded company with headquarters in Charlotte that would field as many as five NASCAR teams. Hitchcock recently filed with the U.S. Securities and Exchange Commission for an offering of 1 million to 2.5 million shares, selling for $10 each. The newly formed company’s name: FanZ Enterprises Inc. The FanZ filing lists Hitchcock as chief executive and two others, Frederick McDonald II, and Michael Wurtsbaugh, as president and chief financial officer, respectively. The offering, if approved by the SEC, would be made this spring with race teams competing in 2002. Through a deal with Sharp Racing Inc. of Concord, FanZ secured a 6,000-square-foot race shop for $60,000 a year. The SEC filing anticipates building a 200,000-square-foot racing hub in the Charlotte area. See full story at the Business Journal: Stock on the fast track. Address of the company is listed as: FanZ Enterprises, Inc., 3020-I Prosperity Church Road, Suite 293 , Charlotte, NC 28269. Phone: (317) 815-1128 (which is Indiana), from a listing at Market Guide(9-6-2001) UPDATE 2: On Friday at Richmond, Fanz Enterprises will unveil the newest in fan participation opportunity in NASCAR – a chance for fans to own part of a Winston Cup series team. Fanz is offering a maximum of 2.5 million shares of its common stock at $10 per share. Formed in October 2000, the company organized to develop and manage a professional, multicar motorsports operation that will compete in NASCAR-sanctioned events, including Winston Cup. Funds raised through the public offering, which has been approved by the Securities and Exchange Commission, are expected to allow the company to field a minimum of two full-time race teams. Race fans can become part owners by purchasing a minimum of 25 shares of stock, a one-time investment of $250. All proceeds generated by the stock offering will be deposited in an interest-bearing account until a 1 million-share goal is reached or exceeded. If the goal is not reached, the money will be refunded. For more information, call (888) 444-8233 or visit fanzenterprises.com.(That’s Racin’)(9-6-2001)
