Track Days Racing Movie
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 10, 2013
Asking For:
$5,000,000 for 34%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Track Days is a full-length action film centered around the world of motorcycle racing.
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Background Story
James LaVitola and Brian Pitt presented Track Days, a full-length action film proposal set in the world of motorcycle racing. LaVitola had experience in the film industry, having worked as head of production for an indie company with significant success in securing distribution deals and producing theatrical films. On the other hand, Pitt’s background involved stunts and a passion for motorcycles.
Their idea stemmed from a desire to combine the excitement of motorcycle racing with the blockbuster potential of action films. Despite facing skepticism from the Sharks regarding the lack of a script and attached actors, LaVitola and Pitt aimed to introduce a new approach to film financing, where investors wouldn’t risk their money until various aspects of the project, such as foreign and domestic sales, distribution deals, and product placement, were secured.
The Product
Track Days aimed to capitalize on the global popularity of motorcycle racing by creating a full-length action film set in this thrilling world. The film would offer viewers an adrenaline-packed experience, combining the excitement of racing with the drama and intensity typical of action movies.
LaVitola and Pitt showcased their vision through a teaser trailer, emphasizing high-speed chases, crashes, and the competitive atmosphere of professional motorcycle racing. To enhance the moviegoing experience, they also offered popcorn and candy to the Sharks, creating a sense of excitement and anticipation.
How It Went
The company’s position before Shark Tank
Track Days was a nascent venture seeking funding to produce a full-length action film centered around motorcycle racing. The company’s founders, James LaVitola and Brian Pitt, brought complementary skills and experiences to the table. LaVitola had a background in film production, having previously served as head of production for a successful indie company with a track record of theatrical releases and distribution deals. Pitt’s expertise lies in stunts and a passion for motorcycles, providing valuable insights into the subject matter of the proposed film.
At the time of their Shark Tank pitch, Track Days lacked a completed script and attached actors, opting instead for an unconventional approach to film financing. They aimed to secure funding from investors without requiring upfront financial commitments, emphasizing the minimization of risks for potential backers. Despite facing skepticism from the Sharks regarding the viability of their business model and the niche appeal of motorcycle racing, LaVitola and Pitt remained confident in the project’s potential.
The Negotiations:
The negotiations for Track Days on Shark Tank were tumultuous, with the Sharks expressing skepticism about the venture’s viability. James LaVitola and Brian Pitt sought $5 million for a 34% equity stake in their proposed action film centered around motorcycle racing. However, the Sharks were quick to voice their concerns, particularly regarding the lack of a completed script and attached actors.
Despite LaVitola and Pitt’s reassurances about their approach to film financing and their confidence in the project’s potential, the Sharks remained unconvinced. Mark Cuban was the first to bow out, followed by the other Sharks, citing various reasons such as the niche appeal of motorcycle racing and the uncertainties surrounding the venture.
Kevin O’Leary, known as “Mr. Wonderful,” bluntly described the idea as “horrifically bad” and refused to entertain the prospect of investing. Barbara Corcoran and Robert Herjavec also declined to invest, with Corcoran expressing discomfort with the subject matter and Herjavec citing concerns about transferring the risk to investors.
Despite the overwhelming rejection from the Sharks, LaVitola and Pitt attempted to salvage the pitch by offering Robert Herjavec a role in the film. However, Herjavec ultimately declined, and the negotiations concluded with Track Days failing to secure a deal.
