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George Gillett Enters Partnership with the Saudi Royal Family
NASCAR Examiner is reporting that George Gillett, currently the majority owner of Richard Petty Motorsports, has entered into what is being called an "exclusive commercial collaboration" with a member of the Saudi Royal Family. This collaboration will see Gillett's stake in the race team, along with part of his stake in Liverpool FC, transferred to F6, a sports investment group that is chaired by Prince Faisal bin Fahd bin Abdullah al-Saud. This deal is worth upwards of $560 million.
As a result of this deal, there will eventually be Liverpool FC football academies and Richard Petty Driving Experiences built in the Middle East.
"The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal," Gillett said.
His Highness is also pleased with the developments.
"George Gillett is at the helm of some of the most powerful and celebrated sports brands in the world," Prince Faisal said on Tuesday. "F6 is energized about the strategic partnership with his groups and seeks to lead the way with our investment partners in identifying the brands, personalities, facilities, and media that will catalyze the evolution of sporting experiences in the Kingdom and beyond, thereby introducing thousands of quality employment opportunities within Saudi Arabia."
Soccer is already very popular in the Middle Eastern countries, but stock car racing is new to the region. In 2007, a series known as the Speedcar Series raced cars eligible for the Pro Cup Series on road courses in the Middle East like Bahrain International Circuit and the Dubai Autodrome. The drivers were mainly former Formula One racers including Jean Alesi, Gianni Morbidelli, Ukyo Katayama, Narain Karthikeyan, alongside a few Middle Eastern drivers.
In its two seasons of operation, the Speedcar Series was relatively popular. Unfortunately, the recent financial crisis resulted in the original backer of the series, Union Holdings, withdrawing support. The series folded in June due to lack of capital.
NASCAR Examiner is reporting that George Gillett, currently the majority owner of Richard Petty Motorsports, has entered into what is being called an "exclusive commercial collaboration" with a member of the Saudi Royal Family. This collaboration will see Gillett's stake in the race team, along with part of his stake in Liverpool FC, transferred to F6, a sports investment group that is chaired by Prince Faisal bin Fahd bin Abdullah al-Saud. This deal is worth upwards of $560 million.
As a result of this deal, there will eventually be Liverpool FC football academies and Richard Petty Driving Experiences built in the Middle East.
"The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal," Gillett said.
His Highness is also pleased with the developments.
"George Gillett is at the helm of some of the most powerful and celebrated sports brands in the world," Prince Faisal said on Tuesday. "F6 is energized about the strategic partnership with his groups and seeks to lead the way with our investment partners in identifying the brands, personalities, facilities, and media that will catalyze the evolution of sporting experiences in the Kingdom and beyond, thereby introducing thousands of quality employment opportunities within Saudi Arabia."
Soccer is already very popular in the Middle Eastern countries, but stock car racing is new to the region. In 2007, a series known as the Speedcar Series raced cars eligible for the Pro Cup Series on road courses in the Middle East like Bahrain International Circuit and the Dubai Autodrome. The drivers were mainly former Formula One racers including Jean Alesi, Gianni Morbidelli, Ukyo Katayama, Narain Karthikeyan, alongside a few Middle Eastern drivers.
In its two seasons of operation, the Speedcar Series was relatively popular. Unfortunately, the recent financial crisis resulted in the original backer of the series, Union Holdings, withdrawing support. The series folded in June due to lack of capital.
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