Marlowe, who joined BK Racing last year from now-defunct Swan Racing, is believed to be the first sports team owner to advertise the sale of a stake in a team on the social media platform. And according to Marlowe, the current "lead sled dog" for the sale found out about the opportunity from two tweets he sent out in recent months.
"We're moving swiftly toward getting a deal done by the end of the year," Marlowe said. The asking price is $1 million. Marlowe's first tweet on the subject came in mid-September, when he announced the sale, the amount of equity involved and his contact info. He then sent a second message – this time a promoted tweet – in mid-October, noting the stake's price and that the sale was open only to accredited investors who could receive venture financing. Marlowe believes he can turn a slight profit from his initial investment – something that many former NASCAR team owners never had the opportunity to do.
"With the prospective charter system being discussed, I'm looking at this as a window of opportunity where I'm likely selling too early," he said. "But it's an opportunity to get out whole or make a little bit of money, something that 95 percent of NASCAR owners up until this point had a very difficult time doing."
Marlowe, who said the sale could still fall apart but hopes to have it done by the time the NASCAR owner agreement is signed in 2016, is planning to maintain a presence in motorsports. For example, he is in talks with Iowa Speedway executives about possibly buying race title sponsorships or hospitality packages there because many of his company's locations are in that state or nearby South Dakota. In the meantime, he is trying to help BK Racing accomplish a spate of business-side goals – including finding a company that wants to take over naming rights of the team. Sports Business Daily