CFO Magazine
Rocket Man
By Kate O'Sullivan, CFO Magazine
URL: http://www.cfo.com/article.cfm/8191486/c_8341296?
f=magazine_alsoinside
December 01, 2006
Imagine a sport where pilots fly rockets into the heavens while thousands of spectators follow the action on high-tech monitors. Granger Whitelaw has, and he is so confident in the idea that he founded the Rocket Racing League®. In fact, the company plunked down $2.33 million for 170 acres near the Las Cruces International Airport in New Mexico, where it plans to build a 50,000-square-foot industrial center. "Think Indy cars in the sky," says Whitelaw.
While the CEO won't say how much capital is invested in the project, he estimates revenue of $10 million by next year and $150 million by 2010. With three teams already on board, the first rocket race could take place as early as next August.
Meanwhile, RRL is recruiting aerospace and navigation entities to lease space and set up shop at the New Mexico site. Whitelaw hopes to build an "industry cluster" for aerospace development that will not only enhance rocket racing but also create technology that is broadly applicable to aviation companies and the burgeoning space industry. "It will be a place where the aero industries, including our own research division, can test components in a repetitive environment using professional drivers and receive professional feedback," Whitelaw says.
Would-be rocket-racing fans will have to see whether RRL has the right stuff to get the ambitious venture off the ground. — Laura DeMars
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