Charlotte, North Carolina -- Team Sports Entertainment, Inc. (NASDAQ: TSPT.OB) through its wholly owned subsidiary, Team Racing Auto Circuit (TRAC) announced today that it has engaged Baltimore-based investment banker, Moag & Company to head up efforts to sell a limited number of operational rights to TRAC teams.
Moag & Company is one of the nation’s leading sports, media and entertainment investment banking firms. The company was founded in December 2001 by Chairman and Chief Executive Officer, John Moag, who had started the Sports Investment Banking Group at Legg Mason in 1998. The company is a boutique firm that offers a multiple of services that includes mergers and acquisitions, private placements, franchise finance, industry communications, IPO consultation and research within the industry.
TRAC has engaged Moag & Company as their sole and exclusive agent for sale of the local operating rights for the ten-city racing league. The company will identify potential ownership groups, advise TRAC concerning those investors and will assist in the negotiations on the sale of operating rights for each city. Moag & Company has been involved in major transactions involving the sale of the Baltimore Ravens, the private placement of equity in Montreal-based Field Turf, the sale of Minor League Baseball and Arena Football League teams and the sale of National Hockey League and Major League Baseball franchises to name a few.
Commenting on the hiring of Moag & Company, TRAC President and Chief Operating Officer, Terry Hanson said: “Simply speaking, John Moag is the best in the business in sports investment banking. His company will be our mouthpiece in team sales and other investment strategies. His hiring is one of the most important moves TRAC has made since our beginning fifteen months ago.”
Chairman and Chief Executive Officer, John Moag, commented, “The business model that TRAC has developed will work in today’s world of sports and finance. Their partnership with Speedway Motorsports and the potential of national television revenues make TRAC an excellent investment. We are anxious to hit the marketplace in an effort to select the right operators.
Team Racing Auto Circuit (TRAC) is a newly formed national motor sports league. By combining the best qualities of traditional motor sports with the best attributes of traditional team sports leagues, TRAC is creating a new and exciting form of stock car racing designed to reach the mainstream sports fan. Initially, the league will consist of ten, three-car teams that will be located in major U.S. cities with motor sports venues in the area. Each team will represent its city or region and will participate in a season long schedule of races, in addition to an all-star event and concluding with a season-ending championship race.
To learn more about Team Sports Entertainment and TRAC, please visit www.traczone.com.