Australia markets closed
  • ALL ORDS

    7,248.10
    -193.40 (-2.60%)
     
  • ASX 200

    6,961.60
    -177.90 (-2.49%)
     
  • AUD/USD

    0.7161
    +0.0006 (+0.08%)
     
  • OIL

    85.54
    -0.06 (-0.07%)
     
  • GOLD

    1,846.70
    -5.80 (-0.31%)
     
  • BTC-AUD

    52,073.22
    +1,518.46 (+3.00%)
     
  • CMC Crypto 200

    847.02
    +26.43 (+3.22%)
     
  • AUD/EUR

    0.6338
    +0.0014 (+0.22%)
     
  • AUD/NZD

    1.0705
    +0.0015 (+0.14%)
     
  • NZX 50

    12,185.65
    +57.44 (+0.47%)
     
  • NASDAQ

    14,149.12
    -360.46 (-2.48%)
     
  • FTSE

    7,371.46
    +74.31 (+1.02%)
     
  • Dow Jones

    34,297.73
    -66.77 (-0.19%)
     
  • DAX

    15,123.87
    +112.74 (+0.75%)
     
  • Hang Seng

    24,234.80
    -8.81 (-0.04%)
     
  • NIKKEI 225

    27,011.33
    -120.01 (-0.44%)
     

Medallion Financial Corp. Announces Sale of Its Nascar Race Team Investment

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • MFIN

NEW YORK, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, “Medallion Financial” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, announced today that it has closed on the exit of its investment in its NASCAR race team - Richard Petty Motorsports (RPAC) – to Warp Speed, LLC. The Company received $19.1 million of gross proceeds in full settlement of all debt and equity securities it held. The transaction results in a complete divestiture of RPAC by the Company, removes $26 million of intangible assets from the Company’s balance sheet and increases the Company’s tangible book value by over $1 per share.

Executive Commentary – Andrew Murstein, President and Chief Operating Officer

“Richard Petty is one of the most iconic names in professional sports. We are extremely proud of what we accomplished during our tenure with Richard Petty Motorsports (RPAC), including winning numerous races, bringing greater diversity to the motorsports industry, and helping position RPAC for long-term success. We look forward to passing the baton to the next steward of this great legacy in this great sport.”

About Medallion Financial Corp.

Medallion Financial Corp., primarily through its wholly-owned subsidiary Medallion Bank, is a finance company that originates and services consumer loans and loans in various commercial industries. Medallion Financial Corp. has lent more than $9 billion since its initial public offering in 1996. For more information, please visit www.medallion.com.

Company Contact:

Investor Relations
212-328-2176
InvestorRelations@medallion.com


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting