The Australian Racing Group has confirmed that there isn’t a buy of its operations both partially or solely by Racing Australia Consolidated Enterprises – RACE, the entity that owns and controls Supercars.
By Bruce Williams.
Questions relating to the longer term possession of Australian Racing Group had been raised at one of many ARG class conferences at Sandown final weekend, and ARG CEO Matt Braid responded by saying that there was no deal going forward for ARG to be bought by RACE – the entity that operates Supercars.
Board Member Barry Rogers, spoke completely to AUTO ACTION relating to the continued hypothesis that RACE was transferring forward to take management of ARG. Rogers was emphatic that there was no alternative progressing and that the door had closed on that situation.
“We’re not promoting. We’re simply going to row our personal boat and do our personal factor,” Rogers mentioned at Sandown throughout the Shannons Motorsport Australia Championships.
“Presently, with the Bathurst 6-hour, the Bathurst Worldwide and 5 or 6 different occasions, we predict we’re OK.
“We’ve got nice classes, as is obvious by what has been racing right here this weekend, and we’re full steam forward engaged on plans for the longer term.
“We have a minimal of seven rounds, so whether or not we glance to develop that to 10 sooner or later and run all of the classes at our personal occasions we are going to look to see what alternatives may come up.
“We’ve got a terrific partnership with Motorsport Australia and with STAN and the 9 community we have now improbable media and broadcast companions, so we have now loads of scope to do our personal factor. It is all constructive from our viewpoint.”
A number of TCR staff house owners instructed AUTO ACTION that the suggestions they had been being given was that RACE was nonetheless urgent on with the acquisition and that TCR wouldn’t survive below a RACE/Supercars owned program.
Rogers mentioned that, like others, he had additionally heard the rumors circulating across the Paddock at Sandown that RACE was excited about shopping for ARG and would kill off TCR, however he reiterated that it did not matter as a result of the sale to RACE was off the desk .
“We invested in RACE as there was a complete of motorsport program and on the time of our funding in 2021, they had been to concurrently take an equal stake in ARG.
“The purpose of this was to align the industrial pursuits of each entities so the main target could be on constructing a two-tier calendar – that makes use of the suitable merchandise on the proper occasions to ship the very best outcomes for followers, the game, sponsors and governments .
“In the end the RACE a part of the funding in ARG did not occur and, regardless of that, we have now maintained our funding in RACE as we nonetheless consider in the entire of motorsport program.
“To be clear, we wish to work with Supercars collaboratively and whether or not there may be some alternative with Supercars with our Touring Automotive Masters, S5000 or GT classes then that is nice.
“These classes have raced on Supercars packages prior to now with no worries, So, perhaps there are alternatives in order that these issues can occur sooner or later.
“However close to TCR and TransAm, I do not suppose they are going to need both as a result of they’re probably considered ‘conflicting’ and so we are going to simply run them ourselves.” Rogers confirmed.
Transferring ahead with ARG now confirming that there isn’t a sale to RACE, it nonetheless see’s ARG with a big possession of RACE.
“They have not obtained a share in ARG. There was a possibility final yr in November to amass 30%, and so they did not full that, so now see it finest that we press on and do our personal factor.”
Garry Rogers Motorsport will retain its share of simply lower than 15% in RACE, bought final yr as a part of an interdependent transaction settlement. In that settlement, ARG and RACE had been meant to purchase 30% of the shares in one another’s companies by 30 November.
ARG, by Garry Rogers Motorsport and Brian Boyd (an ARG co-founder), purchased into RACE as the biggest cornerstone buyers as a part of the preliminary funding elevate by RACE, however RACE didn’t progress their choice to take up a pro-rata holding in ARG as outlined.
Practically a yr down the observe, ARG has now taken that possibility and any additional acquisition off the desk.
As well as, it’s understood that the roughly 15% of RACE held by Brian Boyd as a part of the unique ‘ARG’ cornerstone 30% shareholding in RACE has now been bought on account of the transfer away from the entire of sport supply.
Barclay Nettlefold, RACE Chairman was approached for remark however had not responded as we closed for press.
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