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Marc Lasry has taken a minority stake in Justin Marks' Trackhouse Entertainment Group through Avenue Sports Fund. Trackhouse Racing, the NASCAR team, is a part of this company.
Lasry founded Avenue Sports Fund, which was launched in 2023 and has been actively investing in sports teams. It has helped him create a net worth of $1.9 billion (according to Forbes). The company made an investment in Trackhouse Racing, but the exact amount has not been disclosed.
The team was founded in 2021, owned by the Trackhouse Entertainment Group. The latter is a joint venture between NASCAR driver Justin Marks and Grammy-winning hip-hop artist Armando Christian Pérez, popularly known by his stage name, Pitbull.
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"We are excited to partner with Justin Marks and his organization as they continue to compete aggressively in the NASCAR Cup Series and MotoGP series and potentially in new motorsports in the future," Mark Lasry said (via Jayski).
Trackhouse Racing currently takes part in both NASCAR and MotoGP. Ross Chastain and Daniel Suarez race for them in the former, driving the #1 and #99 Chevrolet Camaro. They were also reported to have purchased a charter from Stewart-Haas Racing earlier since they announced the closure of their Cup Series operations at the end of this season.
Trackhouse has won seven Cup Series since their inception in 2021. Daniel Suarez, Ross Chastain, and Shane van Gisbergen have contributed to these race wins.
Justin Marks hopes for improvement in Trackhouse Racing's competitiveness on the track with Avenue investment
Trackhouse Racing has emerged as one of the more competitive teams on the current NASCAR grid. Both their charters seem to have a hold in the 2024 playoffs; Daniel Suarez locked his place with a victory in Atlanta earlier this season. Meanwhile, Ross Chastain has accumulated enough points to sit in 16th place in the playoffs standings.
With the investment from Avenue Sports Fund, Justin Marks is hoping for improvements in the team. He expects the team to grow in the global market and work on their on-track performance, along with "partner services." He said (via Jayski):
"From the day of Trackhouse’s inception it has been a central goal to build a valuable, diverse, and global motorsports platform. Partnering with Avenue is a monumental step forward in continuing to develop and execute that vision.
"With Trackhouse in the Avenue portfolio, the company will be able to draw on the experience and expertise of a leading global sports fund to scale into one of the most powerful motorsports companies in the world with best-in-class on-track competitiveness, partner services, and racing event experiential assets."
