American firm weighing up Formula 1 entry : vimarsana.com

American firm weighing up Formula 1 entry
PlanetF1
21/02/2021
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Formula 1
SportsTek Acquisition Corporation are looking at a possible route into Formula 1, perhaps alongside Michael Andretti.
Autoweek report the co-chairman of the SportsTek Acquisition Corporation, Tavo Hellmund, has told them Formula 1 is one of the possible projects the company are considering.
The newly-founded organisation will specialise in acquiring or partnering existing sports franchises.
“The company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” read a press release from the NASDAQ stock exchange.
“Although the company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on a target within the sports and related sectors including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.”

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