Entrepreneur Phyllis Newhouse plans to enter NASCAR as a team owner. If this happens, she would become one of the first black women to invest in the sport.
Newhouse, a U.S. Army veteran with experience in the cybersecurity industry, is in talks with several NASCAR teams, championship management and circuit owners. This is the first time that Newhouse’s interest in creating a NASCAR team has come to light and we owe this information to journalist Adam Stern.
For the moment, several scenarios are being studied, such as investing in one of the big Cup Series teams or buying a charter from a small team to create its own structure. So far, no agreement has been reached, but Newhouse has confirmed to Sport Business Journal that she is exploring all avenues.
Newhouse is the founder of cybersecurity company Xtreme Solutions and became the only black female CEO of a NYSE-listed SPAC, Athena, in 2020. She also owns a nonprofit called ShoulderUp that aims to helping women in business.
A Charter price that will soar!
One of the reasons why Newhouse has not yet reached an agreement comes from the economic situation and the current price of charters in NASCAR. Only a few teams are ready to part ways currently and a price increase is expected due to the upcoming TV rights deal. They could be valued at $30 million.
For comparison, last year the price was $13.5 million. If Newhouse ended up investing in the sport, she would join a new generation of owners who arrived in NASCAR like Michael Jordan, Floyd Mayweather or even Pitbull. There have been only a few black women in NASCAR history to get involved as investors.