Avenue Sports Fund Invests in Trackhouse Entertainment Group

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Jul 17, 2024, 09:00 ET

Investment Will Support Continued Success in NASCAR, MotoGP and Beyond

NEW YORK and CONCORD, N.C., July 17, 2024 /PRNewswire/ -- The Avenue Sports Fund today announced it has acquired a significant minority stake in Trackhouse Entertainment Group, the parent company to Trackhouse Racing, which fields teams in the NASCAR Cup Series, the most popular racing series in North America, and in the FIM MotoGP World Championship, the premier motorcycle racing series in the world.

Trackhouse Racing, founded by Justin Marks, a former NASCAR and sports car racer, debuted in 2021 and has won seven Cup Series races with drivers Daniel Suárez, Ross Chastain and Shane van Gisbergen. In 2022 Chastain finished second in the standings and Suárez became the first Mexican driver to win a Cup race. Last year, Van Gisbergen, a New Zealander, became one of six drivers in the sport's 76-year history to win in a debut race. The team's sponsorship roster includes some of the most recognizable names in corporate America.

Separately, on the MotoGP grid, Trackhouse debuted in 2024 as the first American team in the sport since 2007. One of the team's riders, Miguel Oliveira, earned a second-place finish in the German Grand Prix Sprint race on July 7.

"We are excited to partner with Justin Marks and his organization as they continue to compete aggressively in the NASCAR Cup Series and MotoGP series and potentially in new motorsports in the future," said Marc Lasry, Avenue Capital's Chairman, CEO and Co-Founder. "NASCAR has long held its position as the most popular racing series in North America, and MotoGP is now one of the most popular motorsports in the world with millions of cumulative race attendees and a substantial digital audience – all compelling attributes for an investment by Avenue Sports."

Marks said the partnership with Avenue will make Trackhouse Racing more competitive in the marketplace and on the track. "From the day of Trackhouse's inception it has been a central goal to build a valuable, diverse, and global motorsports platform. Partnering with Avenue is a monumental step forward in continuing to develop and execute that vision. With Trackhouse in the Avenue portfolio, the company will be able to draw on the experience and expertise of a leading global sports fund to scale into one of the most powerful motorsports companies in the world with best-in-class on-track competitiveness, partner services, and racing event experiential assets."

About Avenue Sports Fund

Launched in 2023, Avenue Sports Fund provides capital solutions to a wide variety of established teams and leagues across the globe, as well as investments in emerging sport properties to capitalize on areas of exponential growth. The Sports Fund also invests in sports-related media and entertainment rights, real estate, and other adjacent businesses. Avenue Sports Fund, led by Marc Lasry, is a fund of Avenue Capital group, a global investment firm focused on making opportunistic credit and other special situation investments across the United States, Europe, and Asia. Avenue, founded in 1995 by Mr. Lasry and Sonia Gardner, draws on the skills and experience of over 60 investment professionals and more than 180 employees operating from its headquarters in New York and offices in Europe, Asia and Abu Dhabi. Avenue has assets under management of approximately $12.5 billion.

About Trackhouse Racing

After retiring from a driving career in NASCAR and sports cars, Justin Marks formed Trackhouse Entertainment Group in 2020 to create a racing brand that transcends sport. Marks formed Trackhouse Racing which took to the track in 2021 with Daniel Suárez behind the wheel. The team announced a partnership with international superstar entertainer Pitbull who has been a frequent guest at NASCAR races and elevated Trackhouse's presence through inclusion in several of his songs, music videos and named his current album "Trackhouse." Midway through the 2021 season, Trackhouse Racing purchased the NASCAR assets of Chip Ganassi Racing and began the 2022 season as its own two-car team with Suárez and Ross Chastain as drivers. Chastain gave the organization its first victory at Circuit of the Americas in Austin Texas in March and won again at Talladega (Ala.) Superspeedway in April. Suárez became the first Mexican (Monterrey) driver to win a Cup race when he won at Sonoma (Calif.) Raceway in June. In 2023, Chastain won the Nashville (Tenn.) Superspeedway race and season-ending race in Phoenix Raceway while New Zealander Shane van Gisbergen won the inaugural Chicago Street race in July driving for Trackhouse's PROJECT91 program Marks created to offer NASCAR opportunities to international driving stars. In 2024, Suárez earned his second and Trackhouse's seventh Cup Series victory in February when he won in a dramatic three-wide finish at Atlanta Motor Speedway. Trackhouse Entertainment Group operates out of Nashville, Tenn. while the race shop is in Concord, North Carolina. Trackhouse Racing joined the MotoGP grid in 2024, bringing an American team back to the pinnacle of motorcycle racing for the first time in over a decade. With riders Miguel Oliviera and Raul Fernandez, Trackhouse Racing MotoGP is determined to be a competitive force on and off the track in partnership with Aprilia as its official factory-supported team.

Moelis & Company LLC acted as exclusive financial advisor to Trackhouse.

Media Contacts:

For Avenue: Todd Fogarty, Kekst CNC, [email protected]

For Trackhouse Racing: Drew Brown [email protected]

SOURCE Avenue Capital Group