The Lynch Racing Co. acquires Iowa City Capital Partners’ position in the Monster Energy NASCAR Cup Series team BK Racing
Earlier this week, it was announced that Union Bank & Trust was seeking two NASCAR Charters. Those Charters were used as collateral to loans to BK Racing.
However, Ron Devine stated he had a solution for paying off the bank. It would appear, this is likely that solution. Or at least a portion of a solution.
Related: Bank seeks NASCAR charters
Read the statement of the sale below.
Lynch Racing Co Release
The Lynch Racing Co., a division of Sport Venture Group, today acquired Iowa City Capital Partners’ stake in the Monster Energy NASCAR Cup Series Team BK Racing which was owned and controlled by Anthony Marlowe.
Sport Venture Group (SVG) is a sport investment and holding company founded by a multigenerational family office to invest, hold and manage its various multisport interests. Sport Venture Group launched The Lynch Racing Co. to pursue the acquisition of a stake in a Monster Energy NASCAR Cup Series Team.
“We are wholly owned by a family office with a heritage in sport, shares the passion of fans and have a vision for the future of sport. The Lynch Racing Co. was formed by Sport Venture Group to pursue the family’s heritage around motorsport and NASCAR,” said Anthony Gebbia, CEO of Sport Venture Group.
“We’d like to thank both Anthony Marlowe and Ron Devine in assisting us with this process. We look forward to working with Ron (Devine) going forward to enhance the value of the charter(s),” said Ron Konersmann, Chairman of Sport Venture Group.
“After four seasons as a minority owner in NASCAR’s Premier Series, I have decided to harvest my investment. It has been a wild ride; I wouldn’t change a minute. I am thankful to Ron and Brenda Devine. Regardless of whether BK Racing ever wins a Cup race one day, they are worthy of my appreciation. It takes great courage to make the investment the Devine’s have made regarding time and money. Not to mention saving my backside from a sudden change in the direction of Swan Racing early in the 2014 season.” said Anthony Marlowe.
“Further, Sport Venture Group has a tremendous opportunity to build upon BK Racing’s six consecutive full-time seasons. SVG and The Lynch Racing Co. know the risks involved, but also bring fresh ideas and relationships that could be massively accretive to their investment and team,” Marlowe concluded.
“We excited for Sport Venture Group to join our ownership team and look forward to working with them going forward,” said Ron Devine of BK Racing
— Sport Venture Group —