December 11, 2006
Hedge Fund On A Motoring Adventure
Now, tell me, is there any one area in which hedge funds may not have invested? Just curious you know. I mean I can stand the fact that they invest in oil, property, shares… everything but can you believe it, racing!
Yes, you got me right there. RAB Capital, one of London’s best-known hedge funds, recently acquired a majority stake in A1 Grand Prix, the so-called “world cup” of motor racing, from Sheikh Maktoum Hasher Maktoum Al Maktoum of Dubai. RAB Special Situations has taken an 80% stake worth £100m. As part of the deal, A1’s management will be restructured. According to RAB officials, their focus has always been on western-owned and western-run companies that sell successfully to Asia, and A1 fits with this. Timesonline.co.uk reports:
“We’ve made a fortune selling natural resources — copper, zinc, coal and so on — to the Chinese. This is the same: we’re selling motor racing to Asians, and with it the only event available for global brands to advertise across the continent in the context of a western company.”
Read more: Hedge fund roars into world motor racing
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