Global Race Track Summit & Awards
INVESTMENT & RISK FORUM
FINANCING THE FUTURE OF MOTORSPORT VENUES
Wednesday 18th February
Forum Chair: Karen Ellis
Karen Ellis has over 40 years of experience in the London insurance market, specializing in the Sport & Entertainment sector with a focus on motorsport. She has advised governing bodies, circuit owners, promoters, teams, drivers, and suppliers worldwide, earning a strong reputation for her confident risk and insurance guidance. With extensive claims management experience and deep knowledge of the industry’s complexities, Karen ensures that every client’s risks are clearly understood and comprehensively covered.
A respected female leader in insurance, Karen has held senior executive positions including CEO, MD, and divisional director at leading Lloyd’s brokers, and founded her own brokerage. She has delivered insurance solutions for some of the world’s top sports and entertainment organizations, managing complex global risks in challenging territories. Today, she continues her work through her own successful consultancy agency.
Arrival & Coffee (Networking)
08:30 - 09:00
Delegates gather for coffee and conversation ahead of a focused day designed for the financial, development, and ownership side of the global race-track industry.
08:30
Business Modelling & the Right Economic Strategy
09:00 - 09:45
Michael Mücke is founder and Partner at Mücke Roth & Company, advising investors and operators on the commercial viability of racetrack assets worldwide. With deep expertise in motorsport, real estate, and entertainment economics, he helps transform racetracks into sustainable, high-performing investments that deliver long-term value. Business modelling is the bridge between passion and investability. A well-structured model identifies diversified revenue streams, optimises land use, and aligns capital deployment with market demand. It connects race events, hospitality, training, tourism, and innovation into one ecosystem — transforming a racing dream into a commercially bankable asset with measurable returns and resilient cash flow.
09:00
Risk, Ratings, and the Cost of Capital
09:45 - 10:30
How credit committees frame circuit risk: flagship-event concentration, weather and political exposure, transport dependencies, and contract strength. Expect discussion of DSCR, amortisation, maintenance reserves, and step-in rights. We’ll contrast rated versus unrated paths, how shadow ratings benchmark pricing, and where credit enhancement — letters of support, revenue escrows, completion guarantees — can move both margin and tenor.
09:45
Break (Networking)
10:30 - 11:00
10:30
Turning Experience into Cash Flows Lenders Believe
11:00 - 11:45
Capital follows cash flows it can underwrite: hospitality subscriptions with term, premium seating with renewal history, naming rights structured as annuities, precinct real-estate income, and year-round uses that smooth seasonality. Connectivity is the enabler — better data turns ideas into contractual income. This session focuses on allocating capex to revenue engines, aligning operating KPIs with loan covenants, and designing propositions that justify price and performance.
11:00
Kyalami: The Journey to Private Investment
11:45 – 12:15
A case study in how a historic Grand Prix venue can be reborn through private vision and disciplined investment. They discuss the realities of attracting private investors into motorsport infrastructure: credibility, phased capex, partnership with suppliers, and maintaining integrity of ownership while scaling ambition. Focus: how private capital, clear governance, and reinvestment discipline transformed Kyalami from a rescue project into a globally recognised circuit ready for a Formula 1 return.
11:45
Lunch (Networking)
12:15 - 13:15
12:15
New Builds I – From Masterplan to Term Sheet
13:15 - 14:00
Pre-conditions for serious capital: site control and tenure, transport and utilities, an anchor-events strategy that survives optimism bias, credible environmental and community pathways, and a masterplan that earns revenue every week — not just on race weekends. Feasibility beyond renders: catchment economics, hotel and retail adjacencies, training and education uses, regional tourism integration. Clear phasing, measurable outcomes, and sensible risk allocation separate projects that inspire headlines from those that close financing.
13:15
New Builds II – Sovereign, Strategic, and Destination-Led Capital
14:00 - 14:45
What sovereign funds, development banks, and destination builders look for: national brand uplift, visitation growth, job creation, and a year-round precinct that anchors further investment. We examine governance and reporting that prove outcomes — not just attendance spikes — and how to work with governments to meet strategic objectives before, during, and after construction. Structures that align interests: co-investment with local partners, land-value capture, tourism-linked instruments, and performance-based contributions.
14:00
Break (Networking)
14:45 - 15:15
14:45
Legal, Land, and Long-Tail Obligations
15:15 - 16:00
The scaffolding that holds a project together: land assembly and clean title; PPP choices (DBFOM / BOOT / lease-leaseback); completion, availability, and performance guarantees; O&M responsibilities; and step-in and cure rights. We’ll also explore currency, repatriation, and political-risk considerations for cross-border deals - and exit routes for different investor types.
15:15
The Capital Stack for Upgrading Existing Circuits
16:00 - 16:45
Modernisation starts with a credible capital story - a balance of operating history, event rights, sponsor depth, venue utilisation, and reliable non-race-day income. This session maps the full stack: senior bank debt, private credit, club deals, and asset-backed lines tied to specific improvements (paddock, hospitality, broadcast, connectivity). It explores when quasi-public support or tourist-tax mechanisms make sense, and how to keep governance clean when public and private objectives meet. Objective: clarity on what “fundable” looks like - sized to covenants, staged to milestones, and resilient to calendar volatility.
16:00
The Importance of Choosing the Right Partners
16:45 - 17:15
Choosing the right partners for constructing or upgrading a circuit is vital to its safety, performance, and long-term success. A modern circuit is an ecosystem - engineering, sustainability, fan experience, and commercial operations all interlinked. Expert partners ensure compliance with FIA standards and align design, materials, and infrastructure with both racing excellence and community outcomes. The right collaboration de-risks development, streamlines approvals, and positions the circuit as a credible, future-ready, revenue-generating asset.
16:45
Closing Hour – Deal Room Networking
17:15 - 18:00
Targeted conversations to move projects forward - no stage pitches, just issuers, advisors, lenders, and investors connecting directly to explore opportunities and unlock capital partnerships.