Steve Parker Motoring / The Car Nut: A1 GRAND PRIX RAISES SHORT-TERM FUNDS; SERIES BACKED BY DUBAI SHEIKH

EXCLUSIVE PHOTO ALBUM! 2009 GUMBALL RALLY 3000

See Steve's exclusive Gumball Rally video from NBC-TV's Whipnotic website (copy and paste): http://www.whipnotic.com/videos/viewvideo-558.html Over 120 gas-guzzling super-exotic sports cars, Hummers, Cadillac Escalade SUVs and an occasional interesting older car roared on May 2, 2009, from a California beach-side parking lot directly onto I-10, the Santa Monica Freeway, also known as the Christopher Columbus Transcontinental Highway, for the start of this year's Gumball Rally. The world's most politically-incorrect automotive street event, the Gumball Rally 3000, left Santa Monica (CA) Pier on Saturday, May 2, 2009 and headed toward its ultimate destination of Miami, FL eight days later. Participants reportedly paid $44,000 per car/team to enter the event. Though the Gumball stresses the skills of its drivers (and their cars) there are only two race track "special section" stops scheduled for the 3,000-mile long event, which will be run on public roads with all entrants subject to all highway rules and regulations. All photos (c) 2009 by www.SteveParker.com

June 06, 2006

A1 GRAND PRIX RAISES SHORT-TERM FUNDS; SERIES BACKED BY DUBAI SHEIKH

A1 Grand Prix, which ran its first season this past year, and successfully so, staging events with "spec" open-wheel race cars driven by an interesting combination of retired F1 drivers and up-and-coming hotshoes, seems to have the cash to continue, at least for another season or so, thanks to an IPO on the London Stock Exchange. Started and backed almost completely by a Dubai Sheikh (his purchase of the race cars and engines was the single-largest racing equipment buy in history, they say), A1 GP has caught the attention of many fans, running in nations and during times of the year when F1 is not active. Also, the series unashamedly pits nation against nation, with national franchises sold to various racing interests in that country. Here's the latest from AUTOWEEK:

Rumors during the recently completed A1 Grand Prix season suggested the series was in serious financial trouble, but it appears that at least its short-term future is secure. A1 GP announced initial public offering plans, with a listing on the London Stock Exchange.

The series has engaged Nomura Securities to raise funds prior to an IPO, and London investment management firm RAB Capita has agreed to act as the lead investor.

The A1 GP company structure will also change, with the series founders Sheikh Maktoum and Tony Teixeira assuming less prominent roles, and a new management board that will include five non-executive directors. “This means there is no way that A1 GP can fail. The banks have been convinced enough to put up the money,” Teixeira said.

“When we started A1 GP, we were underfunded. We had to sort out our accounts, and now every single creditor has been paid and we have secure financial backing. This gives us the confidence to go forward and plan for the long term".