GMF CAPITAL ACQUIRES MOTORSPORT NETWORK MEDIA LLC
(Adnkronos) - GMF Media to have Controlling Majority Stake in the World's Largest Motorsport Racing and Automotive Digital Platform
NEW YORK, June 28, 2023 /PRNewswire/ -- GMF Capital (GMF), the family office for Gary Fegel and a leading private investment firm, today announced it has completed the acquisition of Motorsport Network Media LLC (MSNM), a global digital media platform in motorsport and automotive, for an undisclosed sum.
Terms of the acquisition include GMF Media, an affiliate of GMF Capital, acquiring the controlling majority stake in MSNM, with an option to buy the remaining minority interest at a later date.
MSNM, with 40 million-plus monthly users and an active social media community of more than 15 million followers, is the world's largest independent motorsport racing and automotive media platform.
Overall, the nearly 50 flagship motorsport racing and automotive digital properties now under GMF control include racing brands such as Motorsport.com, Autosport, Motorsport-Total, and GPOne, as well as automotive industry brands such as Motor1.com and InsideEVs.com.
The deal also includes the Motorsport Network brand name, as well as Motorsport.tv, the leading video platform for live and on demand streaming, and the Autosport Awards, the world's premier motorsport racing annual awards ceremony.
"We are excited to acquire Motorsport Network Media's impressive, world-class portfolio of media assets, which are primed for significant growth with the surging popularity of motorsport, particularly Formula 1, in the U.S. and internationally," said Gary Fegel, Founder and Principal of GMF Capital. "We will leverage the brands' market-leading position across the motorsport and automotive industries and push the business to the center of fandom. Our acquisition will allow the business to aggressively pursue new growth opportunities, which will benefit employees, advertisers, partners, and tens of millions of users worldwide."
The acquisition is the first for GMF in the sports, automotive, and media category. Since its inception in 2013, GMF Capital and its affiliates have invested more than $5.5 billion primarily in the areas of private equity, real estate, and alternative investments.
"Today's announcement marks the next exciting chapter for Motorsport Network and our leading media business," said James Allen, President of the Motorsport Network. "We have had significant acquisition interest in our media assets over the years but found in GMF Capital a buyer that truly values what we have built and shares our vision for the future. The media franchise has continued strong performance, and we believe it will thrive under GMF Capital's direction."
About GMF Capital
GMF Capital was established by Gary Fegel in 2013 as a single-family office to invest capital on behalf of himself, his family and like-minded investors. Since its inception, and with offices in New York City and Switzerland, GMF Capital and its affiliates have invested more than $5.5 billion primarily in the areas of private equity, real estate, and alternative investments. Prior to founding GMF Capital, Fegel was a Senior Partner at Glencore Plc, one of the world's largest commodity trading and mining companies.
For additional information about GMF Capital, please visit www.gmfcapital.com.
AdvisorsArnold & Porter Kaye Scholer LLP served as legal counsel to GMF Capital. Snell & Wilmer LLP served as legal counsel to Motorsport Network LLC.
Media Contacts:
For GMF Capital:info@gmfcapital.com zach.groen@finnpartners.com
For Motorsport Network:mediarelations@motorsport.com
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