T4F sells stock-car biz to focus on music
Time for Fun (T4F Entertainment) has sold its shareholdings in Vicar Sports Promotions, the promoter of Brazil’s popular Stock Car and Stock Car Light racing series, to focus on its core live music business.
Sao Paulo-based T4F is South America’s leading live entertainment company, promoting shows and festivals and running venues in Brazil and Argentina. It has been in control of the Nascar-inspired Stock Car series since 2006.
The sale of Vicar, to Veloci Investments, is “aligned to the company’s strategic planning in order to increase its efforts to the promotion of major music festivals and live concerts, as well as family events and theatre”, according to T4F’s CFO, André Pinheiro Veloso. T4F’s festivals include Lollapalooza Brazil and Popload Festival.
The proceeds will reinforce Time for Fun’s cash position, he adds.
Similarly to other public live entertainment businesses, T4F saw its turnover decline 98% in the second quarter of 2020 as touring ground to a halt.