Waddell Reed is based in Kansas and is listed on the New York Stock
Exchange. It has $90bn in assets under management and, aside from F1, its
investments typically focus on traditional American brands such as Apple,
Pepsi and casino company Wynn.
The debt provided to Circuit of the Americas isn’t the only loan between F1
and a US race track. In April F1 also opened up a credit facility with the
group which is planning to host the New Jersey Grand Prix. The loan is
personally guaranteed by the boss of the project Leo Hindery junior, the
managing partner of private equity fund InterMedia Partners.
New Jersey’s Grand Prix of America was due to take place this year but was
postponed after it missed payment deadlines. The loan from F1 has allowed
the project to progress and investment bank UBS has been engaged to raise
$100m which is required in order for it to go ahead next year.