Motorsport Agency Jmi Put Up For Sale
Motorsports agency Just Marketing International (JMI) has been put up for sale after majority shareholder Spire Capital Partners announced its intention to sell its 60% stake.
Spire, which acquired its 60% stake in the American agency in 2008, does business across Formula One, NASCAR and IndyCar, and reports from the Associated Press reveal that JMI founder and CEO, Zak Brown, informed staff of Spire’s intentions in a letter over the weekend.
Brown wrote: ‘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 added Spire is only in the “exploratory process” of a potential sale.
‘There is no immediate timeline in place for a transaction to occur and no guarantee that one will occur in the near future. JMI’s leadership and employees continue to be focused on providing excellent service to our clients and continue to grow our business.’
The news of Spire’s decision comes as Brown is linked as a top candidate for the new CEO position of the IndyCar series, with Brown adding that IndyCar’s interest in him was completely unrelated to the potential sale.
Brown currently holds a 20% share, as does advertising agency WPP.
