|07/20/13 01:05PM||IHRA, International Hot Rod Association, IRG, Memphis International Raceway, Palm Beach Driving Club, PBIR|
IRG SPORTS + ENTERTAINMENT ANNOUNCES THE FORMATION OF A NEW MOTORSPORTS AND ENTERTAINMENT COMPANY
JUPITER, FLORIDA – July 19, 2013 – IRG Sports + Entertainment™ (IRG), a newly formed corporation, merges the assets of the International Hot Rod Association™ (IHRA), a legendary 43‐year‐old motorsports sanctioning body, together with multiple premier motorsports venues across the country to create a unique and diversified live events and entertainment company.
In 2008, a group of investors purchased the historic Moroso Motorsports Park in Jupiter, Florida. After an 18‐month $30 million dollar renovation, the facility was re‐launched as the state‐of‐the‐art Palm Beach International Raceway™ (PBIR) along with the private membership club, Palm Beach Driving Club®. In 2011, the group acquired Memphis International Raceway™ (MIR) in Memphis, Tennessee, from Dover Motorsports, Inc. (NYSE: DVD), and in 2013, acquired the International Hot Rod Association™ (IHRA) from Feld Entertainment, Inc. These assets have been rolled up to create the IRG Sports + Entertainment™ brand. All of the IRG owned properties will now be operated under the IRG brand.
IRG has entered into a strategic services agreement with Feld, a leading producer of live family entertainment events worldwide, to gain access to Feld’s successful live event management and programming capabilities. IRG will create and operate exciting and compelling motorsports and live entertainment events that will run at the IRG owned and operated venues along with other outdoor venues. IRG will achieve significant operational efficiencies and other synergies through its planned integration of event programming content and venue ownership.
From weekly grassroots racing to national touring series, IRG offers a vast array of events for the motorsports enthusiast. These events include local weekly racing, regional touring series, road racing, dirt and off‐road racing, karting, drifting, drag and road racing driving schools, private road racing clubs, test tracks, car shows, a car museum, and corporate events. IRG also intends to expand to other forms of entertainment for its venues including concerts, amusements and festivals. IRG’s subsidiaries currently promote more than 800 motorsports, live entertainment and corporate events annually at its venues and series.
IRG plans to acquire additional established motorsports and entertainment venues in the United States and is in active negotiations with these targets. These motorsports venues generally include drag strips, road courses, paved ovals, dirt ovals, mud bogs, motocross courses, off‐road racing courses, and karting tracks. Combining the expertise of IRG’s management team with the operating history of the current venue owner operators, IRG will increase profitability and revenue opportunities at each venue and provide a consistent platform that is user‐friendly for consumers, programming partners and vendors. Increased revenue opportunities will include sponsorship sales, concessions, ticket sales, and licensing and merchandising.
The ownership group for IRG is led by managing partners Michael Dezer of Dezer Properties; Joseph Lubeck of Landmark Apartment Trust of America, Inc.; Edward Kobel of DeBartolo Development; and Jason Rittenberry, president and chief executive officer of IRG. The corporate headquarters for IRG are in Jupiter, Florida, with additional offices located at the company‐owned properties in Memphis, Tennessee and Norwalk, Ohio.
ABOUT IRG SPORTS + ENTERTAINMENT
IRG Sports + Entertainment™ (IRG) is a leading purveyor of sports and live entertainment experiences and is the privately‐held parent company of International Raceway Group™ and the International Hot Rod Association™ (IHRA). IRG owns and operates Palm Beach International Raceway™ (PBIR), Palm Beach Driving Club® (PBDC), and Memphis International Raceway™ (MIR). Located in Jupiter, Florida, PBIR is the company’s flagship and home to PBDC, a private members‐only club for automotive enthusiasts. The facility features a challenging 2.034‐mile asphalt Road Course, an exciting 1/4‐mile concrete Drag Strip, and a thrilling 8/10‐mile Kart Track. Acquired in January 2011, MIR is a highly acclaimed motorsports facility located in Millington, Tennessee, featuring a formidable 1.8‐mile asphalt Road Course, a riveting 1/4‐mile Drag Strip, and an enthralling 3/4‐mile Tri‐Oval Short Track. Owned and operated since January 2013 by IRG, IHRA is the second‐largest drag racing and fourth‐largest motorsports sanctioning body. The 43‐year‐old organization manages two national touring series, the Nitro Jam Drag Racing Series™ and the Thunder Jam Series™. With headquarters in Norwalk, Ohio, IHRA sanctions more than 100 motorsports facilities in the U.S. and Canada and has more than 12,000 racers of all skill levels as members. IRG’s subsidiaries now promote more than 800 motorsports, live entertainment and corporate events annually at its venues and series. For more information, visit www.IRGSE.com.