Potential IndyCar CEO’s firm for sale
The motorsports marketing company founded by the top candidate to become the next CEO of IndyCar is for sale.
Zak Brown informed the staff of Just Marketing Inc. by letter this weekend that Spire Capital Partners is trying to sell its 60 percent stake in the company. A copy of the letter, obtained Sunday by The Associated Press, told employees a potential sale is completely unrelated to IndyCar’s courting of Brown.
The fact Spire is actively exploring options for the sale of its investment in JMI is not a surprise to any of us, as we have always acknowledged this is Spire’s ultimate intention and purpose as a private equity firm, Brown wrote.
Spire bought 60 percent of Zionsville-based JMI in 2008. Brown, the founder and CEO, still owns 20 percent, as does advertising agency WPP.
Brown told employees Spire is only in the exploratory process and it’s business as usual at JMI.
Mark Miles, the new head of IndyCar parent company Hulman & Co., acknowledged during last weekend’s season-opener at St. Pete that Brown is a candidate to lead the open-wheel series. He said discussions with Brown are the most serious of all candidates, but Brown has to decide whether he’s interested in the position or wants to concentrate on JMI.
– Associated Press