Florida-based Delavaco Group, a private equity and merchant banking firm, revealed a major funding deal to boost Speed League, Inc.’s plans for growth in the booming motorsports industry Thursday from its headquarters in Fort Lauderdale.
The contract establishes Delavaco as Speed League’s lead investor. Speed League was established in Denver last May by Brian Gale to organize “next generation” motorsports competitions appealing to the millennial population.
"We have been analyzing opportunities in motorsports … and have taken note of the shifting landscape, including the rise of millennial oriented action motorsports competitions that appeal to a younger more energetic fan base," said De Francesco.
Delavaco CEO Andy De Francesco was named to the board alongside ESPN X Games organizer Geraldo Rodrigues in accordance with the agreement.
"Speed League, along with its important media relationships and compelling content, provides the perfect entry point for our expansion into the industry and compliments some of our core investments such as iON Cameras,” De Francesco said. “We are excited to invest in Speed League to help it take a leading position in a highly promising market, and look forward to leveraging our experience with disruptive and innovative platforms."
The funding will facilitate development of innovative motorsports events, including championship programs, with hopes of building a top-notch team and establishing multiple commercial partnerships.
"This investment is a tremendous vote of confidence in Speed League's future and the action motorsports market in general," said Speed League CEO Gale, creator of Red Bull Global Rallycross. "We are thrilled to have Mr. De Francesco and Mr. Rodrigues join our board and look forward to drawing on their resources and expertise to help grow the League."
The transaction, executed privately without a broker, is subject to final customary procedures.