Exclusive: Supercars teams sell stake to RACE consortium
Thursday 28th October, 2021 - 9:02am
Supercars’ teams have sold their collective 35 percent stake in the business, Triple Eight Race Engineering supremo Roland Dane has confirmed.
Supercars announced this morning that Archer Capital has offloaded its majority shareholding to the consortium now known as RACE (Racing Australia Consolidated Enterprises Ltd).
TGI Sport chairman Barclay Nettlefold, the Australian Racing Group and investment firm Henslow were named as being behind RACE, although TLA Worldwide remains involved, as confirmed by Dane.
Bizarrely, there was no mention of RACE acquiring the teams’ shares, as has long been known to be on the cards.
Any questions about that omission have now been answered.
“The teams are really looking forward to the sale and RACE coming onboard,” Dane told Speedcafe.com, having acted on behalf of the teams along with Brad Jones and Rod Nash during the sale process.
“The teams are very enthusiastic about it.
“The deal does include the sale of the teams’ shareholding as well and then we establish a new relationship under Teams Racing Charter going forward.”
Dane said more details about the new TRC system, which will replace the current Racing Entitlements Contracts, will be released in due course, but made clear of the positivity within the paddock around the development.
“There’s universal support amongst the teams for the Teams Racing Charter, there’s universal support for RACE as the new owners, and really as what backs RACE up in terms of TGI and under that TLA structure, and what they can bring to it all,” he said.
“Everyone is aligned on that, and we also see the benefits of having ARG involved in that consortium as well, because it basically aligns all professional motorsport under one umbrella.”
Dane added praise for Archer Capital chairman Peter Wiggs, who’d also taken on the role of Supercars chairman.
“The teams remain very grateful to Peter Wiggs for when he first took over the responsibility at Archer for managing the Supercars property,” said Dane.
“We’re very grateful for him for entering into the grid fee agreement over the last six years which has bolstered the teams’ earnings in that period considerably.
“So that was something that Peter signed up to and that’s helped the teams a lot over the last six years, so every team acknowledges that and remains grateful to Peter for helping us with that.”
Dane will step back from the positions of team principal and managing director at Triple Eight at the end of this year, but denied that will open the door for him to enter into a role with the new Supercars management.