RACE acquires Supercars
Supercars has announced that the sales process between Racing Australia Consolidated Enterprises Ltd (RACE), Archer Capital, and Supercars’ Team Owners has been completed.
The announcement:
Supercars can confirm that the sale process between Racing Australia Consolidated Enterprises Ltd (RACE), Archer Capital and Supercars’ Team Owners has been completed.
RACE and Archer Capital reached an agreement in October, for the transition of all shareholdings to be completed by the end of the year. These transactions ensure RACE, a privately owned Australian company, has acquired one hundred per cent of V8 Supercars Holdings Pty Ltd (Supercars).
RACE is a consortium of Australian private investors led by Melbourne Entrepreneur Barclay Nettlefold, together with the Australian Racing Group and Henslow. Mr Nettlefold will serve as the Chairman of RACE effective immediately.
As Chairman of RACE, Mr Nettlefold will also serve as Chairman of Supercars. New Supercars’ board members will be announced in coming weeks. The current Supercars management team, led by CEO Sean Seamer will remain in place, moving forward in 2022.
The Supercars Commission, constituted in 2011 will remain in place. In 2022, the Commission will continue to be an advisory body with a particular focus on racing rules, regulations and formats, and will be an additional resource to the board and management team. New Commission members will be appointed in January.
RACE and incoming Supercars’ Chairman Barclay Nettlefold said: “I have a strong passion for sport business acceleration, leading the vision and team for success.
“I look forward to working closely with Sean and the existing Supercars’ management team to drive a successful outcome for shareholders, partners and fans.
“RACE is committed to the growth of the sport and providing a platform for the Teams to concentrate on racing and what they love.”
Outgoing Supercars Chairman Peter Wiggs said: “It has been a fantastic and exciting ten-year journey to date, and this new ownership structure and investment are an exceptional outcome for everyone who loves this sport.
“Everyone at Supercars should be immensely proud of what we have achieved and the challenges we have overcome, particularly in recent years. I see the coming years as the most exciting and most dynamic in Supercars’ history and look forward to watching on as a fan in the future.”
Supercars CEO Sean Seamer said: “Supercars has been a success story of growth since its inception in 1997, growing to become Australasia’s number one motorsport category, watched by millions around the world.
“It would not have happened had it not been for the unwavering professionalism, sporting brilliance and sheer guts of the teams.
“We thank Archer Capital for being pivotal in the growth of Supercars over recent years, overseeing all commercial matters including management of media rights and sponsorships, including the most recent naming rights partnership with Repco and five-year broadcast agreement with Fox Sports and the Seven Network worth more than $200 million.
“We welcome RACE to the Supercars family and are excited for the future that is in store for our sport.”
Triple Eight Race Engineering Managing Director, Roland Dane said: “On behalf of the teams we’d like to thank Peter Wiggs for his contribution to Supercars, especially over the last two seasons in the covid environment.
“We are now looking forward to a new beginning and working with Barclay Nettlefold and his group under a new structure which hopefully creates an environment where the sport and teams can thrive even more.”
Mr Nettlefold will join RACE and Supercars’ Management at next week’s blockbuster finale to the 2021 Repco Supercars Championship, the Repco Bathurst 1000 at the spiritual home of Australian racing, Mount Panorama.
Source: Supercars media release
