Since entering the NASCAR Cup Series in 2021, Trackhouse Racing has been seen as one of the fastest-growing organizations. After kickstarting their ambitious journey on track with seven Cup wins in four years, they are looking to expand their blueprint further.
Having already onboarded pop star Armando Christian Pérez, aka, Pitbull, to the ownership roster, Justin Marks is set to receive an additional boost. According to a report, billionaire Marc Lasry has taken a minority stake in Trackhouse Racing Entertainment Group. At a time when investors look hesitant to enter NASCAR due to stalled charter negotiations, this move came as a surprise to the community.
NASCAR is still seen as a lucrative business prospect
This move seems like a follow-up to a move made by NBA legend Michael Jordan, who forged ties with Denny Hamlin to field a two-car team named 23XI Racing. With Jordan paving the way for investment in premier stock-car racing series, Milwaukee Bucks owner, Lasry, is now looking to expand his footprint, especially, after he sold his 25% ownership stake from the NBA team last year. Notably, this set the valuation of the team well above the $3 billion mark, with estimates ranging from $3.2 billion to $3.5 billion.
Lasry’s Avenue Sports Fund recently invested in pickleball and was also a part of the group that bought SailGP’s USA team. With a $7.7 billion TV deal in the bag and more growth opportunities, he turned his attention towards NASCAR. There’s no confirmation on the amount that is invested in Trackhouse Racing, but the report suggests it’s “sizeable.”
“We had quite a bit of opportunities to do work with other groups, but Justin was the only one who understood the business and also saw which way it was going to go,” Lasry said in an interview. The new influx of money is expected to add more strength to technological invention, which impacts performance on the track.
Marks was pleased to see his vision and ambition being supported by like-minded business personalities in Marc Lasry. “Partnering with Avenue is a monumental step forward in continuing to develop and execute that vision. With Trackhouse in the Avenue portfolio, the company will be able to draw on the experience and expertise of a leading global sports fund to scale into one of the most powerful motorsports companies in the world.”
This move is also expected to aid the team’s plan to add a third charter. Meanwhile, it will allow them to not rely heavily on Richard Childress Racing’s alliance.
Is Trackhouse Racing going the Front Row Motorsports route?
It is important to note that THR leans on RCR to help them support their racing program. However, given the predicament the team is in right now, they are potentially looking to branch out. This is where this investment could aid their ambitious growth. Although Daniel Suarez has locked his playoff spot, he’s struggled to string consistent performances.
Their star driver, Ross Chastain, on the other hand, is yet to seal his playoff entry with just five races to go in the regular season. For a long time, the team has been linked to expanding to a three-car lineup, but nothing has been official yet. But, with this development, a third entry for Trackhouse Racing in 2025 looks more and more possible.
What do you make of this move? And will this propel them to be a better racing outfit compared to the current woes the team is in?