Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

ARENT FOX REPRESENTS IRG SPORTS + ENTERTAINMENT IN FINANCING DEAL WITH TPG SPECIALTY LENDING

Global Banking And Finance 1 News

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.”

Matthew Pace

Matthew Pace

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.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post