IRG Completes Recapitalization

0
38

JUPITER, Fla. – IRG Sports + Entertainment (IRGSE) has announced the completion of its recapitalization with TPG Specialty Lending, Inc. (TSL).

TSL is the U.S. direct originations investment platform of TPG Special Situations Partners, the credit and special situations platform of TPG, a $75 billion global private investment firm. TSL will assist IRGSE, a leading marketer and promoter of sports and live entertainment across the United States and Canada, in pursuing future growth. As result of the recapitalization IRGSE has a stronger balance sheet as well as access to the substantial resources and capital of a leading investment firm.

Since 2014, TSL has assisted with the current growth across all IRGSE properties including: Palm Beach Int’l Raceway (PBIR), Memphis Int’l Raceway (MIR), Maryland Int’l Raceway (MDIR), Cordova Int’l Raceway (CIR) and the World Series of Drag Racing™; as well as the International Hot Rod Ass’n (IHRA) and the International Drag Bike League (IDBL).

The Executive Management Team will consist of current IHRA President Scott Gardner, IRGSE Chief Operating Officer Royce Miller and new Chief Financial Officer Louis F. Partenza. Prior to joining IRGSE, Partenza was the Executive Vice President, Chief Financial Officer and Chief Operating Officer of the Florida Panthers Hockey Club, Sunrise Sports and Entertainment and BB&T Center. All three individuals will be involved in the future expansion of IRGSE.