Tony Cochrane sells part of his stake in V8 Supercars
Former V8 Supercars rainmaker Tony Cochrane has sold part of his stake in the sport which he led into a new commercial generation back in 1997.
According to a report in the Financial Review, Cochrane has sold part of his shareholding in V8 Supercars for $2million.
Cochrane resigned as executive chairman of V8 Supercars late last year with that position filled by James Strong, the former Qantas chairman, who died in a Sydney hospital last week.
The relationship between V8 Supercars’ new majority owner, the private equity giant Archer Capital and Cochrane was believed to be frosty.
Cochrane attended the recent season-opening Clipsal 500 as a guest of the South Australian Government and told Speedcafe.com that it will be his one and only appearance at a V8 Supercars meeting this year.
He was also reluctant to engage in any commentary on the state of V8 Supercars which has ridden some bumps in the road in recent months including the new broadcast rights contract inked with Seven West Media for a two-year term considerably less than the previous deal.
According to the Financial Review, Cochrane has kept onto 3000 shares in V8 Supercars but has offloaded 2000 shares for $2million.
Cochrane told Speedcafe.com recently that he will unveil his next business plans in the coming weeks and was in the process of setting up an office near Surfers Paradise.
V8 Supercars have yet to announce when they will find another chairman however it is believed that there is no urgency in the short-term at least.