Crystal Palace owner and F1 driver Gasly back Drive to Survive star’s MotoGP takeover
Crystal Palace owner David Blitzer, Burnley owner ALK Capital and Formula 1 driver Pierre Gasly have emerged as part of Drive to Survive star Guenther Steiner’s takeover of MotoGP team Tech3.
Former Haas F1 team principal Steiner spearheaded a buyout that was announced four months ago and has seen the Italian installed as CEO of the French team, which competes in both MotoGP and Moto3.
London-based Ikon Capital was the lead investor but has since been joined by multi-sport tycoon Blitzer’s Bolt Ventures and Main Street Advisors, which has close ties to NBA superstar LeBron James and his business partner Maverick Carter.
Blitzer owns 18 per cent of FA Cup holders Palace as well as stakes in teams in all five major US sports leagues: the NFL (Washington Commanders), NBA (Philadelphia 76ers), Major League Baseball (Cleveland Guardians), NHL (New Jersey Devils) and Major League Soccer (Real Salt Lake).
Alpine racer Gasly has backed Tech3 through sports, luxury, art and music-focused European private equity fund Slam, becoming the first active F1 driver to invest in a MotoGP team.
“I’m thrilled to have the opportunity to invest in Tech3 alongside Slam Fund. I have a strong conviction in the strength of the Tech3 brand and the long-term growth of the MotoGP sport,” said Gasly. “Tech3 has significant untapped potential, and I look forward to contributing to further elevating the team’s profile.”
Tech3 investors bring value, says Steiner
Tech3’s takeover is the first to take place since Liberty Media, the owner of F1, acquired MotoGP last year in a deal worth more than £3bn. Steiner has history at multiple F1 teams and became a favourite with viewers of its hit Netflix docuseries Drive to Survive.
“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,” Steiner 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.”