- Original deal headlined by Günther Steiner was reportedly worth €20m (US$23.5m)
- Other investors include Pierre Gasly and ALK Capital
David Blitzer’s Bolt Ventures and Main Street Advisors have joined Ikon Capital’s acquisition of MotoGP outfit Tech3.
Fronted by former Haas Formula One team principal Günther Steiner, the original deal was reportedly worth around €20 million (US$23.5 million). However, Sporty is now reporting that the entire consortium is paying US$50 million for the team, noting that it is unclear whether the original figure was just the funding being provided by Ikon.
The additional capital and expertise of the new investors will be used to enhance Tech3’s sporting performance, professionalise their commercial infrastructure and grow the team’s value through brand development, fan engagement and sponsor activation.
Steiner has been installed as chief executive of the team and is taking over the management of the organisation from outgoing owner Herve Poncharal.
“It’s a very exciting time to be entering MotoGP, and it was important to Ikon Capital and me to bring together a group of like-minded investors who share a long-term vision for the Tech3 team,” Steiner said.
“We are joined by a strong group that understands motorsport, brings genuine value-added capabilities, and shares our core values.
“Just as importantly, we are committed to preserving Tech3’s heritage while taking a measured, strategic approach to growth. This is about building on what already works, and I’m looking forward to working together to shape the team’s future.”
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Other investors in Tech3 include Formula One driver Pierre Gasly through the Trail Slam investment fund and private equity firm ALK Capital, as well as Barry English, Tom Stafford, Charles de Carvalho and Richard Cook.
The move represents the last investment from Blitzer, who is the first individual to hold equity stakes in each of the five major sports leagues in the US and also has a minority interest in Nascar outfit Joe Gibbs Racing through his Harris Blitzer Sports & Entertainment (HBSE) holding company.
“MotoGP is well positioned to enjoy the type of meteoric rise we’ve seen with Formula One, and we’re confident our investment in Tech3 is an investment in the future of motorsports,” Blitzer said.
“We’re looking forward to working alongside Main Street Advisors, Ikon Capital, and the other members of this like-minded ownership group to resource Günther and the Tech3 team with everything it needs to compete with the best of MotoGP and grow on and off the grid.”
Main Street, meanwhile, has approximately US$8.7 billion worth of assets under management and is associated with National Basketball Association (NBA) legend LeBron James. It also has an existing interest in motorsport through its participation in Otro and RedBird Capital Partners’ investment in the Alpine Formula One team.
“MotoGP is one of the most compelling investment opportunities in sports today and we are thrilled to partner with Bolt, Ikon and Günther to help write the next chapter of Tech3 and support the evolution of the broader series,” said Paul Wachter, founder and chief executive of Main Street.
“Our platform, which blends investing, business building, and strategic advisory, is uniquely positioned to help accelerate the growth of Tech3 and MotoGP and we can’t wait for more people, especially in the US, to be introduced to this exciting sport and its rich history.”
