TORONTO, June 1, 2011 /CNW/ - Canadian Motorsport Ventures Ltd., established by famed Canadian racer Ron Fellows, transportation industry leader, Alan Boughton, and real-estate developer Carlo Fidani, today announced the company's purchase of Mosport International Raceway. Taking over from the Panoz Motor Sports Group, the new owners will build on Mosport's storied history and respected reputation to create new and exciting opportunities for race fans, corporate partners and drivers on an international scale.

Recognized as Canada's Home of Motorsports, Mosport is the country's largest automotive performance and racing facility, and has hosted almost every class of road racing on its famed 3.96 km circuit, including Formula 1, IndyCar, sports cars, stock cars, endurance racing, motorcycles, motocross, showroom stock, historic vintage racers, "Big Rig" trucks and karts. Under the new leadership, Myles Brandt will continue to serve in his role as President and General Manager at the facility.

"We want to thank the Panoz Motor Sports Group for making Mosport what it is today - a world class racing venue that hosts some of North America's best road racing series and a place of inspiration for generations of racers in Canada," said Alan Boughton, Managing Partner, Canadian Motorsport Ventures, Ltd. "We are excited to pour our racing passion and business expertise into Mosport and look forward to working together with local government and tourism authorities to take this historic race facility to the next level in delivering the best excitement and entertainment motor racing has to offer."

The new leadership team brings a renewed focus, fresh thinking, and a strong vision on how to maximize the potential of Mosport. Over the next 18 months, they will look at all aspects of improving the facility to deliver the high calibre racing experience that fans, sponsors, teams and drivers want, including the construction of a new events and meeting facility. The new owners will utilize their unique areas of strength and knowledge to guide Mosport into the future:

• Ron Fellows - Canadian racing legend with a distinguished racing record and a deep relationship with Mosport, which started at the age of eleven where he attended his first race. Mosport is also where Ron won his first Drivers Championship, first Trans AM Series victory, first prototype sports cars win, three straight class victories in the American Le Mans Series, and most recently in 2010, a series victory in SCCA World Challenge in Mosport's 50^th anniversary year.
• Alan Boughton - President and Managing Partner of Trailcon Leasing and a long-time classic car enthusiast and restorer with a passion for racing.
• Carlo Fidani - Chairman and CEO of Orlando Corporation and an accomplished businessman who brings a wealth of development insight and experience to Mosport.

"Myles and his staff have done an extraordinary job with Mosport," said Don Panoz, founder of the Panoz Motor Sports Group. "There is no deeper racing tradition or racing history in Canada than what exists here. I am personally very gratified that we have been able to help this crown jewel grow and improve for both racers and fans and I am very happy to now turn it over to a group that loves this place as much as I do. And I want to say a special thank you to Ron Fellows, who has always been a true gentleman, champion and the greatest representative of Canadian racing that I have known. The fact that he is now one of the owners of Mosport is a dream come true for both of us."

Panoz also owns the American Le Mans Series presented by Tequila Patrón, which returns to Mosport for their only north-of-the-border stop, July 21-24, as part of the Mobil 1 presents The Grand Prix of Mosport - Canada's biggest sports car race of the year.

"We could not be more pleased to be returning Mosport back to Canadian ownership and stewardship," said Scott Atherton, president and CEO of Panoz Motor Sports Group. "The new owners represent the best possible combination of top quality business professionals, enthusiasts and resources. Canadian race fans have a lot of very positive things to look forward to at Mosport. And we will look forward to bringing the American Le Mans Series presented by Tequila Patrón back to Mosport for many years to come."

About Mosport International Raceway
As Canada's largest automotive performance and racing facility, Mosport International Raceway has been Canada's Home of Motorsports since 1961. Less than an hour east of Toronto, the 750-acre, multi-purpose complex plays host to more than 400 event days a year including major race event weekends, weekly stock car racing, karting, racing schools and advanced driver training programs. It's the only permanent facility of its kind in Canada, with a world-renowned 4-kilometre road course, a 2.4 kilometre driver development centre with skid pad, a 1.4 km pro kart circuit and a half-mile paved oval. Visit www.mosport.com for more information.

About Canadian Motorsport Ventures, Ltd.
Established in 2011, Canadian Motorsport Ventures, Ltd., is the owner and operator of Mosport International Raceway, Canada's home of motorsports. Founded by Canadian racing legend, Ron Fellows and Trailcon Leasing President and Managing Partner, Al Boughton, the company is dedicated to bringing new and exciting racing experiences to drivers, auto enthusiasts, and racing fans.

About Panoz Motor Sports Group
The Panoz Motor Sports Group, one of the world's most comprehensive and vertically integrated motorsport entities - is comprised of the varied motorsports holdings of Dr. Don Panoz. With its worldwide headquarters just outside Atlanta in Braselton, GA, the diverse Panoz Motor Sports Group holdings include the American Le Mans Series presented by Tequila Patrón, the International Motor Sports Association, Sebring International Raceway, Road Atlanta and Elan Technologies, a multi-faceted race car and engine building entity.