Financial group confirms interest in NASCAR
By Bob Pockrass - Associate Editor
Monday, March 31, 2008
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Medallion Financial Group President Andrew Murstein acknowledges speculation that his company's Sports Properties Acquisition Corp. might be a potential business partner with Petty Enterprises, but he won't confirm or deny the reports.
Medallion Financial has formed an entertainment/sports acquisition company, Sports Properties Acquisition Corp., which completed an initial stock offering in January on the American Stock Exchange. The gross proceeds were $200 million.
“There has been speculation of our interest in Petty Enterprises for Sports Properties Acquisition Corp,” Murstein said in a statement Monday. “We are looking to invest several hundred million dollars in the sports, leisure or entertainment-related industries. We are very interested in investing in NASCAR and the motorsports industry in general should the right deal come along.”
He did not elaborate.
Medallion nearly completed a deal with Robert Yates Racing in 2006, and Murstein confirmed last year that he had talked with at least five NASCAR teams about a possible investment opportunity.
Petty Enterprises owner Richard Petty said last Friday that the team needs someone from outside the racing industry to help attract
sponsors. He indicated that he is further along in negotiations with a potential investor than he has been in the past and said the investor has been to races.
The CEO of Sports Properties is former Montreal Expos and Washington Nationals President Tony Tavares, who also is a former CEO of Disney Sports Enterprises. Jack Kemp, the former NFL quarterback and U.S. congressman, is chairman of the board, and the board also includes baseball hall of famer Hank Aaron and former New York Gov. Mario Cuomo.
Medallion Financial is a publicly traded investment company, which has invested more than $3 billion in various companies and industries since 1996, according to a news release on the Sports Properties stock offering.
Medallion originates, acquires and services loans that finance taxicab medallions (licenses issued by city governments) and various types of commercial businesses. It owns Medallion Bank, which originates consumer loans for recreational vehicles, boats and trailers.
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