Subscriptions to Club Motorsports’ equity issue increased

Change: offered +0% / raised +21% / placed 31%

club motosportsClub Motorsports reported in a document filed with the SEC that its $19 million equity offering is 31% subscribed as of May 19th 2014. Prior investors ponied up an additional $1 million. They had previously subscribed to $4.8 million in securities according to another filing disclosed a few months ago. So far, five backers committed $5.8 million to Club Motorsports’ offering. The offering’s expected net proceeds will amount to $18.85 million which excludes $150,000 to be paid toward officers’ salaries. The offering is structured as indefinite and will remain open until fully subscribed. The company closed nine unregistered private placements which raised an estimated $20.74 million.

Club Motorsports develops a country club for performance cars and motorcycles called Valley Motorsports Park. The company is building a 3.3 mile, 18-turn road course combined with high end amenities. The club offers three membership levels with key differences related to the total amount of annual road course sessions, the flexibility to schedule and reserve a guaranteed road course session, and the number of guest’s who can also drive the road course.

The company, headquartered in West Roxbury MA, is led by James Hoenscheid (President). Club Motorsports disclosed having revenues on or below $1 million.
The executive team includes Janes Hoenscheid.
The board of directors includes Andrzej Brezinski, David Mirabassi, Lloyd Dahmen and Paul Cammarata.

The company has raised an estimated total of $26.54 million via private unregistered security offerings.

Offering recap
Status: Intermediary close
Company: Club Motorsports
Industry: Other
Amount offered: $19 million
Amount placed: $5.8 million
First sale: 07-26-2013
Data as of: 05-19-2014


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