iRacing Acquires NASCAR Team Properties' Exclusive Simulation-Style Console Racing Game License

iRacing to develop NASCAR console game available in 2025

DAYTONA BEACH, Fla., Oct. 5, 2023 /PRNewswire/ -- NASCAR®, iRacing and Motorsport Games Inc. (NASDAQ: MSGM) ("Motorsport Games") announced today that iRacing has acquired NASCAR Team Properties' (NTP) exclusive simulation-style console racing games license from Motorsport Games. The sale, approved by NTP, will see the license transfer from 704Games, a wholly owned subsidiary of Motorsport Games, to iRacing, which will begin developing a NASCAR console game expected in 2025.

"When we were approached with the option to acquire the license for the simulation-style NASCAR console game, which was the console game and franchise that we were dreaming about doing, it was an opportunity we couldn't pass up," said iRacing President Tony Gardner. "Having the ability to build a NASCAR console game is a privilege we promise to execute with the utmost care. We look forward to working diligently with NASCAR industry stakeholders to deliver a product that provides an amazing experience for the gaming community and NASCAR fans worldwide."

Gardner added, "With all the NASCAR game experience, console experience, resources and technology assets we already have in place, we are in a fantastic position to hit the ground running building a great NASCAR game franchise on the various platforms."

The acquisition expands iRacing's decade-plus presence in NASCAR. iRacing began its relationship with NASCAR in 2010 with a licensed sim racing product and has grown into a key technical partner of the sanctioning body as its "official simulation partner." iRacing runs dozens of NASCAR official series on iRacing with thousands of people participating daily from late models to Cup cars, including the $100,000-to-win eNASCAR Coca-Cola iRacing Series and the eNASCAR iRacing Pro Invitational Series during the COVID-19 pandemic. Additionally, the Massachusetts-based company's simulation and engineering abilities have helped NASCAR develop new cars and tracks, including the NextGen car, Busch Light Clash at the Coliseum, and Chicago Street Race, among others. Now, iRacing can extend its expertise broadly to include NASCAR Team Properties.

Motorsport Games obtained the NASCAR simulation-style console gaming license in 2018 when it acquired majority equity in 704Games. Motorsports Games' current NASCAR titles, including NASCAR Heat 5 and NASCAR Rivals (available here), will still be available and supported by Motorsport Games through 2024.

"The sale of the NASCAR license is the result of a thorough, strategic review of where we believe our company should be headed over the longer-term," said Motorsport Games CEO Stephen Hood. "In our exploration of the sale, we gave due consideration to those companies we believed could develop a great NASCAR game. Both NASCAR and iRacing have been receptive to our proposed change, working with us to architect a positive transition post-sale and we thank them for their support. We will now concentrate our efforts towards delivering around other IP already in advanced development."

In addition to simulation-style console gaming, NASCAR has worked diligently to produce quality experiences for fans who engage in virtual and gaming spaces. This year, the sanctioning body launched NASCAR Speed Hub on Roblox, released arcade-style console game NASCAR Arcade Rush, made available special team decals in Rocket League, announced the development of a mobile game with Hutch and completed another successful season of the eNASCAR Coca-Cola iRacing Series. Furthermore, NASCAR partnered with esports organization Gen.G to create crossover content and build a live fan experience at the Rocket League Championship Series Major in Boston, and have had Fortnite and Rocket League paint schemes featured on cars in the NASCAR Cup Series this season. The sanctioning body is also leveraging gaming as an engine for content and community building through dedicated channels on Discord and Twitch, along with a growing presence on traditional social media channels.

"NASCAR has the most passionate fans in the world and a vast community that is just as passionate about gaming," said NASCAR Managing Director Esports and Gaming Nick Rend. "What's more, there continues to be tremendous opportunity to connect with millions of potential new fans in the gaming space.

"iRacing has been an incredible partner and ambassador for the NASCAR industry for more than a decade. We thank Motorsport Games for its efforts over the years and are ready to work with iRacing to deliver a best-in-class simulation-style NASCAR console game that's exciting for the gaming community and allows our fans to connect with the sport in an impactful, meaningful way."

For more information on NASCAR's gaming initiatives, visit eNASCAR.com.

About NASCAR
Celebrating its 75th Anniversary in 2023, the National Association for Stock Car Auto Racing (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States and owner of 16 of the nation's major motorsports entertainment facilities. NASCAR sanctions races in three national series (NASCAR Cup Series™, NASCAR Xfinity Series™, and NASCAR CRAFTSMAN Truck Series™), four international series (NASCAR Brasil Sprint Race, NASCAR Mexico Series, NASCAR Pinty's Series (Canada), NASCAR Whelen Euro Series), four regional series (ARCA Menards Series, ARCA Menards Series East & West and the NASCAR Whelen Modified Tour) and a local grassroots series (NASCAR Advance Auto Parts Weekly Series). The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. NASCAR also owns Motor Racing Network, Racing Electronics, and ONE DAYTONA. Based in Daytona Beach, Florida, with offices in eight cities across North America, NASCAR sanctions more than 1,200 races annually in 12 countries and more than 30 U.S. states. For more information visit www.NASCAR.com and www.IMSA.com, and follow NASCAR on Facebook, Twitter, Instagram, and Snapchat ('NASCAR').

About iRacing
To learn more about the most realistic, authentic and industry leading motorsports racing simulation and games from iRacing for both NASCAR and other motorsports properties, visit https://www.iracing.com.

About Motorsport Games
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to racing games that are authentically close to reality. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including the 24 Hours of Le Mans, INDYCAR, and the British Touring Car Championship ("BTCC"). Motorsport Games also owns the industry leading rFactor 2 and KartKraft simulation platforms. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is also an award-winning esports partner of choice for the 24 Hours of Le Mans, Formula E and BTCC. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every race inspires.

Forward-Looking Statements:

Certain statements in this press release which are not historical facts are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning whether the sale of the NASCAR license was beneficial to Motorsport Games in either short term or long-term, and whether iRacing would be successful in developing a great NASCAR game, whether there will be a positive transition post-sale and whether Motorsport Games will be successful in concentrate its efforts towards delivering around other IP already in advanced development. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the  forward-looking  statements,  many  of  which  are generally outside the control of Motorsport Games and are difficult to predict. Each of NASCAR, iRacing and Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Each of NASCAR, iRacing and Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games' plans and expectations as of any subsequent date.

View original content to download multimedia:https://www.prnewswire.com/news-releases/iracing-acquires-nascar-team-properties-exclusive-simulation-style-console-racing-game-license-301948500.html

SOURCE iRacing.com Motorsport Simulations, LLC