Chime Agree Major Deal to Buy JMI

British sports marketing group Chime Communications has agreed a deal to buy Just Marketing Inc (JMI) for $70.6m to increase the company’s motor racing presence.

JMI, which was founded by former professional driver Zak Brown, arranges hospitality, sponsorship and rights deals in F1, NASCAR and IndyCar.

Chime Chief Executive Christopher Satterthwaite said in a joint statement with JMI: “This acquisition will give us a strong foothold in the United States, one of the largest sports marketing markets in the world, and will accelerate Chime’s strategy of becoming a global leader in sports marketing.”

Chime has said it plans to help finance the deal by selling around 8.5 million new shares to financial institutions by October 30th. The shares will be placed at 300p each and represent 9% of the company.

Lord Coe, a major driving force behind London 2012, is charman of Chine’s sports marketing arm after his consultancy business was bought by them last year.