Date: April 3, 2024 In a significant development within the motorsport world, Formula Virtual team ARROW has been sold to an American consortium group owned by Palmetto, with The McNair Group spearheading the acquisition. Alongside this change in ownership, ARROW will be relocating its headquarters from its current base in Germany to the United States, marking a new chapter in the team's history. The acquisition, finalized after months of negotiations following a rather successful season, represents a strategic move for both ARROW and the consortium group. Founded in 2020, ARROW has mostly been a midfield contender for most of its history, securing numerous point finishes across the last few years. However, with the competitive landscape evolving and the globalization of motorsport becoming increasingly prevalent, the decision to join forces with an American consortium aligns with ARROW's vision for sustained success and slow but steady improvement.
The consortium, led by The McNair Group, brings a wealth of expertise and resources to the table. Palmetto's involvement signals a significant investment in the future of ARROW, with plans to enhance the team's infrastructure, technical capabilities, and overall competitiveness. The McNair Group, renowned for its ventures across various industries, including sports (NFL in particular) , brings a strategic vision to the forefront, aiming to elevate ARROW to new heights within the Formula Virtual championship in the upcoming years. Speaking about the acquisition, representatives from both ARROW and the consortium expressed optimism about the future of the team. "We are thrilled to embark on this new journey with the support of The McNair Group and Palmetto," remarked Ben Faz, the Arrow Team Principal and CEO "This partnership represents a landmark moment for ARROW, and we are confident that it will enable us to compete at the highest level and achieve our long-term objectives." Similarly, representatives from The McNair Group highlighted the strategic significance of the acquisition. "We see tremendous potential in ARROW and believe that our collective expertise and resources will drive the team towards sustained success", stated Cal McNair. "The relocation of ARROW's headquarters to the United States underscores our commitment to fostering innovation and excellence within motorsport." As part of the transition, ARROW will begin the process of relocating its headquarters to a yet-to-be-disclosed location in the United States over the next year. This move is expected to facilitate closer collaboration with key partners and stakeholders while tapping into the vibrant motorsport ecosystem in the United States. A rough start may be expected with the team not exactly thrilled about the move being finalised so close to the start of pre-season testing, with the first finished chassis being shipped to pre-season testing at the time of this article being written. Both sides believe this is the start of a mutual rise up in the Formula Virtual ladder. ARROW is set to race this year under the badge of McNair ARROW Motorsport, with the new owners looking to make a name for themselves in a new sporting discipline.
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