Business Times

Computer firm Ezy aims to raise Rs 100 mln by 2015 for its new racing segment

Sri Lankan computer firm EZY Holdings has launched into a new area of business - motor racing and hopes to raise Rs 100 million by 2015 for this purpose.

"We have formed the EZY Motor Racing Corporation (EZY MotoR Corp) with a view to providing new stature for Sri Lankan motor racing. The primary objective of this organization would be to collaborate with quality partners, sign up with drivers, provide them with the resources and make them win under the brand name, EZY Racing," said Chief Executive EZY Holdings and EZY Motor Racing Corporation, Shafraz Hamzadeen.

Explaining the rationale behind this move, Mr Hamzadeen (himself a rally co driver) said that the company first entered the motor racing arena by sponsoring three outstanding drivers: Rizvi Farouk, Shafraz Junaid and Sajaad Zuhair, thereby creating the brand EZY Racing. "The EZY Racing cars, the brand, its drivers and the brand of driving displayed by them ensured that EZY Racing fast became the most admired team on the racing grid," said Mr Hamzadeen in a statement issued by the company.

He said the company plans to take Sri Lankan motor racing to a new standard. “Currently there is a huge business opportunity in motor racing. Many people narrow it down just to the exposure they will get by sponsoring a car for what is in most cases a mere sticker on a car. Right now motor racing in Sri Lanka is primarily a hobby and it is an expensive hobby at that. Most competitiors spend millions of rupees on this per year, so one can only imagine what their disposable income is. It is this category that we intend to target for our business partners in EZY Racing,” he said.

EZY Motor Racing Corporation plans on driving this new venture in the most profitable manner, not only for themselves, but also for their partners. “We have set in place elaborate plans to enable us to raise a budget of Rs. 30 million within the first year. We will be partnering with different organizations for different partnership categories. We also intend having attractive EZY Racing merchandise which would be sold countrywide and estimate the return on this merchandise alone to generate around 15% of the corporate income. We want to have adequate budgets to provide the necessary resources. As part of our corporate vision, we aim to raise Rs 100 million for racing by 2015,” he said.

Seen here is Shafraz Hamzadeen standing alongside rally drivers Rizvi Farouk and Shafraz Junaid besides the EZY Racing Championship car.

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