Velocity Capital Management Acquires Parella Motorsports Holdings
Velocity Capital Management, a New York-based private equity firm specializing in sports, media and entertainment, has acquired Parella Motorsports Holdings, the owner and operator of the SpeedTour event series.
"I’ve been seeking the right partner to help me realize my vision for Parella Motorsports Holdings and I am thrilled to be collaborating with the Velocity team," said Tony Parella, CEO of PMH. "I feel like we finally have the right recipe to achieve our true potential and I’m excited to lead PMH through this next chapter of growth. With Velocity’s support, we have exactly what we need to grow both organically and through acquisitions. The 2024 season is going to be fun."
In addition to the acquisition, Parella Motorsports Holdings also announced a 24-event calendar for SpeedTour's 2024 season. Spanning 17 states and two countries, the SpeedTour will include on-track action from the Sportscar Vintage Racing Association (SVRA), the Trans Am Series presented by Pirelli, Prototype Sprint Series Association presented by Hankook (PSSA), Formula Regional Americas Championship (FR Americas) and Formula 4 United States Championship (F4 U.S.).
The 2024 season will also mark the launch of the new TA2 Club class, a feeder series for drivers seeking a spot in the Trans Am TA2 series, and the Ligier JS F4 Series, a new class featuring the first-generation Ligier JS F4 chassis following the introduction of the new Ligier JS F422 chasis into FIA-certified F4 U.S. competition.
For more information, visit speedtour.net.