V8 Supercars expected to park unused RECs
V8 Supercars looks set to shelve its three currently unused Racing Entitlements Contracts following the recent running of a tender process.
Managed by independent firm Ernst & Young, the tender was opened in late June, with final bids due by August 1.
V8 Supercars CEO James Warburton told Speedcafe.com at the weekend that bids were received by the deadline.
It appears unlikely, however, that any of the RECs will change hands as a result of the tender.
The category is understood to be particularly keen not to undermine the book value of an REC for the 25 existing entrants, which would be the case if it accepted a low bid.
“We’ve made some determinations and we’re just working through the complexities of it,” Warburton told Speedcafe.com of the outcome of the tender process.
“We’ll announce it as soon as we can.”
While V8 Supercars was required to run a tender following the handing back of the Triple F Racing, Lucas Dumbrell Motorsport and Tony D’Alberto Racing RECs last year, Warburton confirmed that the process will not be repeated if they are left unsold.
It is thought likely that V8 Supercars will continue to hold the RECs, leaving potential new players to make individual approaches if they wish to gain entry to the championship.
Such a scenario could still see currently known interested parties including Super Black Racing and TDR able to join the grid as soon as next year, should they find the necessary funding.
When asked if the category would be disappointed with a 25 car grid again next year, Warburton stressed his desire to ensure the viability of the existing teams.
“I think the key with this business is the sustainability of what we’ve got,” he said.
“I don’t think the show has suffered in any way whatsoever, whether we’re at 25 or 28.
“My absolute focus is to ensure the long-term sustainability of each of these teams. That’s at the absolute forefront.
“We still have one of the largest grids going around,” he added.
“You’ve got to go through the REC process and see what’s there to fulfil the obligations, but at the end of the day I challenge anyone to show us a better show than what we see in this category.”