Giannone named CEO of Parella Motorsports Holdings
Parella Motorsports Holdings has announced the appointment of Lee Giannone to the role of Chief Executive Officer. Tony Parella, the founder and visionary who created Parella Motorsports and has been the driving force behind the company's success over the past 13 years, remains a significant shareholder and member of the Board of Directors.
As CEO, Giannone will apply his experience from a diverse career spanning finance, motorsports consulting, and strategic business development to his role overseeing the business operations and strategy of PMH. PMH owns and operates a diversified portfolio of intellectual property and premier motorsports properties, including competitive racing series and events that showcase the best in automotive performance and innovation.
PMH operates the Sportscar Vintage Racing Association, the largest vintage racing organization globally; the Trans Am Series presented by Pirelli, the longest-running professional road racing series in North America; International GT, which offers Porsche and Ferrari competitors three different championship competitions; Prototype Sprint Series Association presented by Hankook, hosting prototype race cars in a sprint race format at America's most iconic road courses; and Formula Regional Americas Championship, Formula 4 United States Championship, and Ligier JS F4 Series, which are the first professional levels of America's Formula 1 ladder.
PMH operates more than 25 high-profile motorsports events across the United States annually, attracting over 100,000 fans and participants while creating unparalleled experiences for drivers, teams, sponsors, and spectators. Indianapolis Motor Speedway in Indiana, Circuit of The Americas in Texas, Road America in Wisconsin, Watkins Glen International in New York, Sebring International Raceway in Florida, Sonoma Raceway and WeatherTech Raceway California, as well as VIRginia International Raceway in Virginia, are among the iconic and celebrated race circuits at which PMH operates events.
Velocity Capital Management, a middle-market private equity firm with specialized domain and operating expertise in sports, media and entertainment, acquired PMH with co-investors Cohesive Capital and Bolt Ventures in 2023.
'I want to personally thank Tony Parella for his friendship and partnership and welcome Lee Giannone to the PMH and Velocity family. Velocity intends to continue to provide capital and strategic support to accelerate PMH's mission to build a larger and diversified motorsports platform,' said David Abrams, Velocity co-founder and managing partner.
'Parella Motorsports Holdings has long been a driving force in the motorsports world, known for its commitment to creating dynamic experiences and making racing dreams come true,' said Tony Parella. 'With Lee at the helm, and with his knowledge and experience, the organization is poised to continue pursuing and fulfilling its vision.'
'I want to extend my gratitude to Tony Parella for his remarkable vision and leadership, which have laid an incredible foundation for this organization,' said Giannone. 'His legacy is a testament to the passion and dedication that define Parella Motorsports Holdings.'
'It is tremendous news for Parella Motorsports Holdings that Lee has agreed to join us on this exciting journey and wonderful that Tony will remain on the Board of Directors to further support the organization in key strategic projects and business growth,' said Velocity co-founder and partner Arne Rees. 'We have a tremendous opportunity in front of us and I'm looking forward to working with Tony and Lee, and continuing to cross-pollinate PMH with some of Velocity's other portfolio companies including Elevate and Videocites to create value for all stakeholders.'
PMH and Velocity Capital Management retained Elevate Talent, a leading global executive search firm specializing in the intersection of sport, media, entertainment, and lifestyle, to complete the search for the new PMH CEO.
'We are incredibly proud to have partnered with Parella Motorsports Holdings in the search for their next CEO,' said Paul Chidley, Elevate Talent senior partner. 'Lee's leadership, vision, and deep passion for motorsports make him a natural leader to drive PMH forward for this next exciting chapter of growth. It has been an honor to work alongside Tony Parella and the entire PMH team to identify a leader who will uphold the organization's legacy while positioning it for continued success.'
Giannone's professional journey reflects a diverse blend of experience in automotive finance, institutional markets, and motorsports consulting. Most recently, Giannone served as Director of Mecum Finance at Mecum Auctions, Inc., where he led integrations and development of external finance and related partner businesses for one of the world's premier entertainment platforms. He was instrumental in launching strategic financing initiatives, including generational estate programming and collections lending. A passionate motorsports enthusiast, Giannone is a 25-year Porsche GT and GTP prototype driver who has participated in vintage motorsports with PMH at major circuits for over two decades.
Giannone will oversee all aspects of PMH's operations, including strategic planning, business development, and expanding the company's presence within the motorsports community. Known for his integrity, strategic thinking, and commitment to partners, Giannone's leadership will focus on enhancing business practices, building new growth pathways, and delivering exceptional value to stakeholders.
Story originally appeared on Racer
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