V8 Supercars Championship sold at a value of $300m AUD
The Australian V8 Supercars Championship has sold its majority shareholding to a Sydney-based private equity firm at an estimated value of $300 million Australian Dollars, giving the series a “new platform to evolve” said series boss Tony Cochrane.
Australian Motor Racing Partners Pty Limited (AMRP) will take over a 60% shareholding of the Gold Coast based series, with the 18 teams sharing the other 40%, replacing the previous arrangement where Sports and Entertainment Limited (SEL) held 25% of the shares, and the teams 75%.
Australian Motor Racing Partners is backed by the Sydney firm Archer Capital, with AMPR represented on the board of directors by Andrew Gray and Brad Lancken.
Tony Cochrane will stay on as the sports chairman and on the board, with Triple Eight Race Engineering (Australia) Director Roland Dane and Brad Jones Racing boss Brad Jones joining the board to represent the teams.
The deal comes at a time when the series is due to begin negotiations about 2013’s TV deal, with the contract with the Seven Network coming to an end at the close of 2012. Also in 2013 sees the introduction of the new Car of the Future platform.
“For much of V8 Supercars, nothing will change,” said Tony Cochrane at the announcement.
“The management team remains in place, our business remains fixed and focused headquartered out of the Gold Coast.”
“From a fans point of view, there will be more racing out of this decision today…there’ll be a bigger calendar and more television and media to follow our sport with.”
“Where fans really will notice a difference is in 2013 with firstly Car of the Future, and at least two, possibly three, brand new international venues in that year adding to our existing championship.”
“You’ll be hearing about lot of new destinations and a lot of new places that we’re going to add to our championship as we grow to 18 events across our calendar.”
According to the Australian Financial Review, AMRP won the bid against the Singapore-based World Sport Group, which would have likely pushed the series more into Asia.
Director of AMRP, Andrew Gray said:
“AMRP is excited to be investing in a sport that is an established part of the global motorsport landscape and revered by millions of fans. Custodianship of that support base is the most vital task for the business and we are committed to partnering with the racing teams and V8 Supercars management to continue to deliver outstanding Championship events.”
