SportsTek Acquisition eyeing Formula 1?


Last Thursday, the newly formed investment firm SportsTek Acquisition Corporation began selling shares on the New York NASDAQ stock exchange, the main goal of which is to partner with existing sports business projects or acquire their assets.

Including the owners of the company intend to take a closer look at Formula 1 – this is not excluded by Tavo Hellmund, one of the founders of SportsTek Acquisition, a well-known person in the world of motorsport.

At one time, it was he who in 2010 signed a contract with Bernie Ecclestone to host the US Grand Prix in Austin, although then he had to leave the project due to disagreements with investors, but then he played an important role in returning to the Mexican Grand Prix championship calendar.

According to Hellmund, he and his associates are exploring various investment options, including partnerships with an existing Formula 1 team. In 2015, he tried to acquire assets from the distressed Manor F1 team, but nothing came of it. SportsTek intends to act differently, such as joining forces with Andretti Autosport, Michael Andretti’s highly successful company.

“After completing his racing career, Michael has proven that he is the owner of world-class teams, and I have no doubt that with him Formula 1 will only get better,” – said Hellmund in an interview with Autoweek.

He also added that teams such as AlphaTauri and Alfa Romeo (Sauber Motorsport) may be SportsTek’s most likely targets, although these are purely theoretical assumptions so far. At the same time, the new Agreement of Consent and the transition to limited budgets makes Formula 1 more attractive for potential investors.


Source: Формула 1 на F1News.ru by www.f1news.ru.

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