I remortgaged my home, my wife worked 2 jobs, I sold my beloved Mini – I sold pretty much everything I had so that I could get access to the world of motorsport…” Nigel Mansell, Formula 1 legend and icon!
The common demographic consistent amongst high achieving racing drivers is great wealth and financial backing. Nigel Mansell did not have the benefit of that kind of background, or access to that kind of money. To begin his career he had to, as he says, sell pretty much everything, how much easier would things have been for him if he could have had funding available?
At Classic & Sports Finance we take great pride in being the formal funding partner of Motorsport UK. Our mission statement in respect of motorsport, is, essentially, to support the ambition and passion of drivers, team managers, and race car owners. We aim to make money accessible, to level the playing field. We have bridged the gap between racing and funding. If racing, any kind of racing, is your dream we are here to make it happen!
We have developed a deep understanding, and, relationships with a select, handpicked collection of funders who will actively support the purchase of race vehicles and associated servicing equipment such as motorhomes and transporters. Indeed, we can even finance software for use in team and race car management. The acquisition of such elements is relatively straightforward. Generally, loan to value ratio is 80%, although this can vary; repayment plans can spread for up to a 7-year term; as long as the credit assessment side of the process fulfils the required criteria- is the applicant clearly identifiable? Is there proof that the debt can be paid and is the asset worth the amount being borrowed?
“I didn’t have any interest in money growing up because I didn’t have any but when getting started in motor racing, I really needed to find some.”
So, you have your race car… how do you fund your ambition? Well, rather than sell the family silver, you could choose to maximise the capital contained therein. In the same way that we can finance new acquirements, we can arrange an advance that will release the capital held in assets, so that you can get out there and race. The requirements for capital release are essentially the same as for an asset purchase. Terms are structured around your circumstances, accessible to both individuals and corporate bodies. Costs are competitive, and you have the confidence that comes from working with a partner who both understands, supports and partakes in the sport and its environs. Freeing up capital allows you to enjoy an uninhibited racing season, to strive for and achieve pole position on the grid.
The gods were kind to Nigel and he was given many gifts but money was not one of them. We cannot facilitate access to his talent, but we can facilitate access to funding so that you can develop yours!
Originally featured in Motorsport UK’s Revolution Magazine – September, 2019