Sports-mad Liverpool FC tycoon seals race car deal

Aug 7 2007 by Jessica Shaughnessy, Liverpool Daily Post

THE billionaire owner of Liverpool FC George Gillett last night added a stock car racing team to his portfolio.

After six months of negotiations, Mr Gillett, who also owns legendary ice-hockey team Montreal Canadiens sealed the deal to take-over of a NASCAR (National Association for Stock Car Auto Racing).

He bought the majority of the team off American stock car racing hero Ray Evernham, who will still have an ownership stake.

As he has done with Liverpool football club, Mr Gillett is allowing the day to day running of the team to continue largely as before, but he is using his great wealth to further its interests.

Like in British football, NASCAR owners are increasingly seeking financial backing from wealthy businessmen. And, as a keen sports fan, Mr Gillett has taken advantage of the trend to build on his empire.

He negotiated with Liverpool FC for months, before he recruited Tommy Hicks as a co-investor and fought off a rival bid by Dubai International Capital.

Following the confirmation of the NASCAR deal yesterday, he said: “Racing is in my blood.”

The NASCAR team will now be called Gillett Evernham Motorsports.

Mr Evernham, who has won three championships as a crew chief and launched the team in 2001, will now be able to concentrate on competitions while Gillett takes care of the business-side of racing.

He said: “'With the business acumen of the Gillett family and its sports brands, we’ve greatly expanded our reach. It certainly allows us to capitalise on our strengths and position GEM for long-term success both on and off the track.”

Mr Gillett is famous for investing in a variety of sports.

In 2000, his bid to buy the NBA Denver Nuggets failed and instead he bought an 80% share in the NHL Les Canadiens de Montréal and their home, the Bell Centre, for $185m.

Gillett also owns the sports and entertainment promoter the Gillett Entertainment Group, which produc-es more than 700 sporting and enter-tainment events in numerous venues throughout Canada and the U.S.

Outside sports he owns a marine transportation company Northland Services Inc, as well as Great Northern Bark and Sierra Organics, a landscaping and gardening products company.

He also has a heavy involvement in the automative industry, which began with Silverthorne Motors in Colorado.

Recently, he purchased the Glenwood Auto Group in Glenwood Springs, also in Colorado, and the two companies were merged to become the Vista Auto Group.

jessicashaughnessy