GMF Media will have a majority controlling stake in the world's largest automotive and motorsports digital platform
NEW YORK, June 28, 2023 /PRNewswire/ -- GMF Capital (GMF), the family office of Gary Fegel and a leading private investment firm, announced today that it has completed the acquisition of Motorsport Network Media LLC (MSNM), a global platform for digital media in motorsports and automotive, for an undisclosed amount.
The terms of the acquisition include GMF Media, an affiliate of GMF Capital, acquiring the majority controlling interest in MSNM, with an option to purchase the remaining minority interest at a later date.
MSNM, with more than 40 million monthly users and an active social media community of more than 15 million followers, is the world's largest independent automotive and motorsports media platform.
Overall, the nearly 50 flagship 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 agreement also includes the Motorsport Network brand, as well as Motorsport.tv, the leading video platform for live and on-demand streaming, and the Autosport Awards, the world's largest annual motor racing awards ceremony.
"We are excited to acquire Motorsport Network Media's impressive portfolio of world-class media assets, which are poised for significant growth with the increasing popularity of motorsport, particularly Formula 1, in the US and internationally," said Gary. Fegel, founder and director. from GMF Capital. "We will leverage the market leadership position of brands in the motorsport and automotive industries and bring the business to the center of fandom. Our acquisition will enable the business to aggressively pursue new growth opportunities, benefiting employees, advertisers , partners and tens of millions of users around the world."
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, Chairman of Motorsport Network. "We have had significant acquisition interest in our media assets over the years, but we found in GMF Capital a buyer who truly values what we have built and shares our vision for the future. The media franchise has continued with a strong performance and we believe it will thrive under the leadership of GMF Capital."
About GMF Capital
GMF Capital was created by Gary Fegel in 2013 as a family office to invest capital on behalf of himself, his family and like-minded investors. Since its inception, and with offices in New York 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 mining and commodities trading companies.
For more information on GMF Capital, visit www.gmfcapital.com.
Arnold Advisors
Media Contacts:
Para GMF Capital: info@gmfcapital.comzach.groen@finnpartners.com
Para Motorsport Network:mediarelations@motorsport.com
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