Global RallyCross hires Park Lane
Red Bull Global RallyCross hired the investment bank Park Lane to raise $15 million to $20 million to form a media unit and fund operations next year, sources said.
The 12-event auto race series competes on tracks that have concrete and dirt sections, and a ramp for jumps. All races are broadcast on NBC Sports.
“It is one of the fastest-growing forms of motorsports in the U.S.,” said Colin Dyne, who runs the series and is the representative for the owners, who include the founders of Skype. “We are going to go to 13 or 14 races next year.”
The RallyCross series formed five years ago as an offshoot of the X Games. The current ownership acquired it in 2012 and under Dyne changed it from one run on oval tracks to those temporarily built in cities.
Unlike more traditional races, a RallyCross event features dozens of mini-races, or heats, lasting no more than 10 minutes apiece.
“Our fan base is young,” Dyne said, explaining that such fans don’t have the attention span to watch a three-hour race. “Our target audience is the 18- to 40-year-old male, and we pretty much own that marketplace in motorsports.”
Park Lane declined to comment. Dyne also declined to comment on the fund raising.
The series is looking for a single investor, the sources said.