Arent Fox LLP represented IRG Sports + Entertainment in a recently completed financing arrangement with TPG Specialty Lending — the publicly traded affiliate of TPG Special Situations Partners — that will enable the fast growing motorsports and entertainment company to replace its debt facilities, make capital improvements to existing assets, and to acquire more motorsports properties.
Sports partner Matthew D. Pace led the legal team that advised IRG in the financing, as well as the acquisition of Cordova Dragway in Cordova, Illinois. Mr. Pace has provided strategic business counsel to IRG for several years and introduced the company to TPG.
“IRG’s success is the result of many contributing factors, including smart investors, a good management team, and a strategy that brought everything together,” said Mr. Pace. “As a result, IRG has established itself as one of the leading motorsports organizations in the country and this new financing will fuel the company’s plans for continued growth.”
While initially brought in to provide legal advice for acquiring more tracks, Mr. Pace helped shape the company into its current form as a motorsports entertainment company that owns its venues by helping to secure additional investments and financing for IRG.
The addition of the Cordova track adds to the existing stable of motorsports assets owned by IRG. Those assets include the 44-year old sanctioning body, the International Hot Rod Association (previously purchased from Feld Motorsports), and venues in Palm Beach, Florida; Memphis, Tennessee; and Tucson, Arizona. In addition, the company is developing television shows for MAVTV for the Nitro Jam Drag Racing Series. This new show will debut on the popular automotive network in November as a 13-week series.
“The ability to access additional capital allows us to fund and accelerate our growth plans for IRG. We have been aggressive with acquisitions in the past few years,” said IRG President & CEO Jason Rittenberry. “This funding will allow us to improve those venues – and complete our other major motorsports venues, in addition to improving our IHRA national tours and introducing new content.”
Arent Fox’s Sports group is one of the most experienced in the country, with a team of 25 lawyers nationwide. The diverse practice is involved in everything from basketball, football, and baseball, to motorsports, tennis, cycling, hockey, soccer, and the Olympics.