Entrepreneur Phyllis Newhouse is interested in owning a Nascar team, a move that would put her among the first Black female investors in the history of the stock car racing series.
Newhouse, a 22-year US Army veteran, is the founder of cybersecurity company Xtreme Solutions and a non-profit called ShoulderUp that aims to empower women in business.
While she has carried out due diligence on the larger Nascar teams and explored the option of purchasing a charter from one of the smaller outfits, she has yet to find a suitable deal.
'I'm very hopeful the right opportunity will come at the right time,' Newhouse told Sports Business Journal (SBJ) in an email. 'I'm looking for the right opportunity that creates impact and profitably.
'I see this as an incredible business opportunity,' she continued. 'As an entrepreneur and investor, you're always looking for ways to use your expertise in business, leverage your network and create impact and change needed within any industry.'
Part of the reason a deal is taking so long to find is the current cost of charters, which hit around US$20 million just a few months ago. However, according to SBJ, ongoing negotiations for the next media rights deal has seen this rise to US$30 million.
If Newhouse does end up securing a Nascar team, she will follow the likes of Rev Racing vice chairwoman Jennifer Satterfield-Siegel as one of the few Black women to invest in the stock car racing series.