free counter

RACE to select ARG purchase this month

RACE purchased Supercars in its entirety this past year when it successfully bid for the 65 % owned by Archer Capital, and took control of the 35 % owned collectively by the teams.

It has emerged that within the deal, RACE comes with an substitute for buy out ARG, that is viewed as both a rival promoter to Supercars but additionally section of RACE.

ARG owns and runs numerous categories such as for example TCR Australia, S5000, Trans Am, GT World Challenge Australia and Touring Car Masters.

In addition, it promotes the SpeedSeries with Motorsport Australia and owns and runs the Bathurst 6 Hour and Bathurst International events.

ARG co-owners Garry and Barry Rogers, and Brian Boyd, were late additions to the RACE consortium through the bidding process and between them were left with around 30 % of the RACE shares.

That shareholding was often viewed as an ARG property, nonetheless it has today been clarified they were individually owned by the Rogers family and Boyd, rather than by ARG itself.

That clarification came because of Boyd selling his shares, which are thought to be been bought out by a preexisting shareholder, likely investment firm Henslow.

RACE has since released a statement with respect to chairman Barclay Nettlefold addressing both sale of Boyd’s shares, and providing an update on the potential buy-out of ARG.

Based on the statement, a choice on ARG will undoubtedly be made this month.

In the standard span of business shareholders trade shares,” said Nettlefold.

I would like to note ARG being an entity doesn’t have a corporate holding in RACE, however individual shareholders which may be thought to be related parties of ARG do hold shares.

A recently available sale has been completed and the purchase of these shares has allowed for further consolidation in the shareholding of RACE.

Concerning the potential sale of ARG to RACE within the initial RACE whole of sport strategy, that is well documented, management and directors of Supercars and RACE continue steadily to work through homework items with regards to a potential transaction and be prepared to finalise any recommendation this month.

Relations between ARG and Supercars have already been strained recently because of amount of factors.

You have been too little cohesion between Supercars and the ARG suite of categories, that is thought to have already been a driving factor for the Rogers family and Boyd to get into RACE to begin with.

That has been highlighted when Triple Eight recently banned Shane van Gisbergen from racing in Trans Am, that was understood to possess come after pressure from Supercars.

The Rogers were also publicly critical of the RACE Board’s recent rejection of an overseas takeover bid from Belgian media company FanTech.

Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker