Platinum Motorsport, a sports car racing team based in Palm Beach, Fla., is being bought by a private equity firm.
The Orlando Sentinel reported Monday that the Florida-based team is in the final stages of buying a new car and is planning to unveil a new model this summer.
The team has a long history of success in Florida.
The Platinum Motors race team was founded in 1992, and the team has won races in the Daytona 500, Daytona 500 and Super Bowl, among other races.
The Daytona 500 has been the team’s longest-running race, with drivers winning 12 races, including a championship.
In 2016, the team ran a Porsche 919 Hybrid car that won the Daytona 24 Hours.
Platinum Motors has run in NASCAR’s top-tier series since 2007, and it has won the National Sprint Cup Series championship three times.
In addition to its Daytona and Superbowl races, Platinum has also won races at Daytona International Speedway, Talladega Superspeedway and Watkins Glen International.
The company’s founder and chairman, David S. Soto, is a billionaire, and his wife, Joanna Soto.
The Soto family has been investing in sports since the early 1900s.
Platinum was founded by Soto in 2008 and has raced in NASCAR since 2004.
Platinum owns and operates five NASCAR teams in North America: Daytona International Raceway, Martinsville Speedway, Daytona International Speedway, Talladesbury Speedway and Talladego Superspecialty Racing.
Platinum has not raced in the NASCAR Cup Series since 2009.