David Blitzer, the Blackstone executive and prominent sports investor, has joined a $50m consortium investment into MotoGP team Red Bull KTM Tech3, according to a report by Bloomberg.

Blitzer’s Bolt Ventures has partnered with Main Street Advisors, led by founder and chief executive Paul Wachter, and IKON Capital to acquire the team. The deal makes Blitzer and Wachter the first American investors to back a MotoGP team since Liberty Media Corp acquired the racing series last year for €4.2bn, or about $5bn.

IKON Capital’s participation was announced in September, alongside the appointment of former Haas Formula One team principal Guenther Steiner as chief executive officer of the team. The ownership group is positioning Red Bull KTM Tech3 to benefit from MotoGP’s push to broaden its commercial footprint.

MotoGP is actively targeting the US market as part of its growth strategy. Only one race is currently scheduled in the country, in Austin, Texas, but the organisation has indicated it wants to expand its US calendar.

Blitzer already owns stakes in several major sports franchises, including the Philadelphia 76ers and the New Jersey Devils. Wachter’s Main Street Advisors holds an interest in Italian football club AC Milan.

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