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Pierre Gasly sets F1 driver first with Guenther Steiner partnership
Pierre Gasly has become the first active F1 driver to invest in a
MotoGP team, forming part of an investor group behind Guenther
Steiner's Red Bull KTM Tech3 team. At the start of this year,
former Haas team principal Steiner became CEO of Tech 3 as he
switched from four wheels to two, joining forces with Richard
Coleman, a touring car veteran and sports management specialist,
who has become team principal. Along with IKON Capital, Steiner and
Coleman completed a takeover of Tech3, which has today announced
its full ownership structure. Bolt Ventures and Main Street
Advisors have now bolstered the acquisition. In addition, Alpine
driver Gasly is among a range of names in the investor group. He
said: "I have a strong conviction in the strength of the Tech3
brand and the long-term growth of the MotoGP sport. "Tech3 has
significant untapped potential, and I look forward to contributing
to further elevating the team’s profile." Gasly has beaten the
likes of Lewis Hamilton and Max Verstappen to the punch in terms of
MotoGP investment, as both drivers have been linked with a move in
the past. It is not Gasly's first venture into sports investment.
Two years ago, he became a joint shareholder of third-tier French
football club, FC Versailles. The overall investment in Tech3 is
significant, as outlined by Steiner. "It’s a very exciting time to
be entering MotoGP, and it was important to IKON Capital and me to
bring together a group of like-minded investors who share a
long-term vision for the Tech3 team," he said. "We are joined by a
strong group that understands motorsport, brings genuine
value-added capabilities, and shares our core values. "Just as
importantly, we are committed to preserving Tech3’s heritage while
taking a measured, strategic approach to growth. This is about
building on what already works, and I’m looking forward to working
together to shape the team’s future." Bolt Ventures is fronted by
David Blitzer, a managing partner of the NBA's Philadelphia 76ers
and NHL's New Jersey Devils, whilst Main Street Advisors was
founded by Paul Wachter, who is also a partner at Fenway Sports
Group, whose ownership portfolio includes English Premier League
side Liverpool and MLB's Boston Red Sox.