Motorsport Games announces sale, transfer of NASCAR video game license

Motorsport Games is announcing the sale and transfer of NASCAR Team Properties’ exclusive license for NASCAR themed simulation-style console racing games. The sale and transfer, approved by NTP, will see the license transfer from 704Games, a wholly-owned subsidiary of Motorsport Games, to iRacing.com Motorsport Simulations, who will begin developing the next NASCAR console game. “After careful consideration, it became apparent that it is in the best interest of Motorsport Games to concentrate our resources around alternative assets and revenue growth opportunities. We believe that this is a continued shift toward quality,” said Stephen Hood, Chief Executive Officer at Motorsport Games. “This sale to iRacing, a preferred NASCAR partner, is expected to be beneficial to all parties. We believe it will allow us to rebalance our immediate cash needs, reduce our contractual and financial obligations and double-down on near term revenue generating releases already in advanced development,” continued Hood. “We would like to thank our partners at NTP and fans of the franchise over the years and wish iRacing the best with their future plans.”