Investors have flocked to motorsports in recent years, and NASCAR Holdings and its teams are among those turning into prospective targets, according to industry executives.
Ahead of his impending departure from RFK Racing, team co-owner and driver Brad Keselowski told SBJ last week that there is high demand to invest in NASCAR teams. The 42-year-old from Michigan bid to buy out RFK from the other two ownership groups of the team but was denied, though he said he still desires to be a team owner in the sport somewhere. He declined to say how much he bid or if other investors were part of his effort.
Industry executives say the next charters to sell will likely go for between $50M-100M.
Among the recent deals are Marc Lasry’s Avenue Sports Fund investing into Trackhouse Entertainment Group, Knighthood Capital Management buying into Legacy Motor Club and TWG Global taking a major stake in Spire Motorsports. Harris Blitzer Sports & Entertainment is a minority owner of Joe Gibbs Racing.
In recent months, Trackhouse and Richard Childress Racing are among the teams that industry executives have pointed to as potential targets. Legacy has said publicly that it is back in the market seeking more funds, and Michael Jordan’s flashy 23XI Racing makes a natural target for stick-and-ball investors to eye.
See much more at Sports Business Journal.