Archer confirms Supercars sale to RACE

Asia's Tech News Daily

Archer confirms Supercars sale to RACE
© Edge Photographics Shane van Gisbergen, Triple Eight Race Engineering

RACE, the consortium that’s been formed out of what was long-known as the TLA/ARG bid for Supercars, is, according to this announcement, ‘led by Barclay Nettlefold together with Australian Racing Group and Henslow’.

Nettlefold is the Global CEO of TLA’s parent company TGI Sport, however the announcement itself doesn’t reference either TGI or TLA Worldwide despite their anticipated involvement in the ownership and management of the category.

ARG, led by former Supercars team boss Barry Rogers and former Supercars MD Matt Braid, currently owns, promotes and runs a number of Aussie categories including TCR Australia, S5000 and GT World Challenge Australia.

Henslow, meanwhile, is an investment firm that was recently in charge of an unpublicised funding effort for the Supercars purchase that was fully subscribed at roughly $25 million.

The statement adds that, ‘transition of the shareholding will be completed by the end of the year, with RACE starting to engage in planning for 2022 with Archer and management’.

The news spells the end of a decade-long ownership stint for Archer, which bought the series for a figure around $180 million back in 2011.

The stake is believed to be now changing hands for around $60 million.

“We set out to find a new majority shareholder that would be able to build on the work that Archer and the management team have done over the past five years,” said Supercars and Archer Capital chairman Peter Wiggs.

“The expertise that RACE has in sport, media, marketing and digital will enable just that.”

Nettlefold added: “Supercars, with the support of Archer, has done an amazing job navigating the past two years.

“The RACE board and I look forward to combining our collective resources, heralding an exciting new era in the growth of a sport that all Australians love.”

The skeleton announcement appears to omit a number of key details, including the final make-up of RACE’s board.

There is also no confirmation that the 35 per cent stake currently owned by the teams will also be handed to RACE as part of the takeover.

It’s understood that the teams collective will forfeit its ownership stake for a guaranteed fixed income of at least $650,000 per entry, per year, for the next five years.

The deal is also expected to include a one-off grant of $450,000 per car to help with the transition to Gen3 in 2023.

RACE’s bid to purchase Supercars beat out a rival consortium bid led by Boost Mobile founder Peter Adderton and including the likes of Alan Gow, Mick Doohan, Pete Smith and Paul Morris.

That bid was backed by media giant News Corp.

ARG was also initially considered a contender with its own bid before teaming up with the TLA bid that ultimately morphed into RACE.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Premier League 2021-22 West Ham United vs Chelsea LIVE Streaming: When and Where to Watch Online, TV Telecast, Team News

© Provided by News18 West Ham United will be up against Chelsea in the London derby this weekend in the Premier League. West Ham United have been impressive so far ... Read more »

Premier League 2021-22 Watford vs Manchester City LIVE Streaming: When and Where to Watch Online, TV Telecast, Team News

© Provided by News18 Watford will play host to Manchester City at the Vicarage Road on Saturday in their next Premier League game. The reigning champions will head into this ... Read more »

Premier League 2021-22 Wolverhampton Wanderers vs Liverpool LIVE Streaming: When and Where to Watch Online, TV Telecast, Team News

© Provided by News18 Wolverhampton Wanderers will be up against a rampaging Liverpool in a Premier League 2021-22 weekend encounter at the Molineux Stadium. The Wolves were compelled to settle ... Read more »

Isko Moreno to retire from politics if not elected president

© Provided by PEP.ph Tuluyan nang magpapahinga sa pulitika si Manila Mayor at presidential aspirant Isko Moreno kung hindi siya mahahalal na susunod na pangulo ng Pilipinas sa 2022 elections. ... Read more »

Prosecutors appeal dismissal of Philippines ferry disaster case

A lawyer for the families of victims of a 2008 Philippines ferry disaster vowed Saturday to challenge the dismissal of a criminal case against a shipping company executive. © JAY ... Read more »

NFTs' next hit may be music industry, former manager for Elton John and Beyonce says

© MATT WINKELMEYER Music manager Merck Mercuriadis believes NFTs will help to transform the music industry. AFP As a former music manager who once counted Elton John, Beyonce and Guns ... Read more »

‘Nutcase' killer stepmum ‘chased ex with a spade' & manipulated men, locals reveal as she's jailed over Arthur's murder

A KILLER stepmum chased an ex with a spade and manipulated men before murdering her six-year-old stepson, horrified neighbours say. Emma Tustin, 32, was caged for life yesterday after being ... Read more »

Britain's Got Talent's biggest transformations - Connie Talbot to Simon Cowell

Britain’s Got Talent has produced a string of household names since the show began just over 14 years ago – many of whom have undergone some amazing transformations. Whether it ... Read more »

Parents of teenager accused over school shooting caught in Detroit

© Provided by PA Media James and Jennifer Crumbley (District Court via AP) The parents of a teenager accused of killing four students in a shooting at a Michigan high ... Read more »

Man Utd told of huge Jesse Lingard blunder as David Moyes hints West Ham deal is off

© Getty Images Jesse Lingard and David Moyes, West Ham 2021, TEAMtalk David Moyes believes Manchester United have completely mistreated Jesse Lingard – but has appeared to suggest the player’s ... Read more »

Mel Brooks on losing the loves of his life: ‘People know how good Carl Reiner was, but not how great'

In February 2020, I joined Mel Brooks at the Beverly Hills home of his best friend, the director and writer Carl Reiner, for their nightly tradition of eating dinner together ... Read more »

Tensions grow as Nphet members must now ask Government for permission to appear on TV and radio

© Getty Dr Tony Holohan. (Photo by Brian Lawless/PA Images via Getty Images) Ministers have agreed new measures to stop senior health officials appearing in the media without the Government ... Read more »

No end to Gurgaon namaz row as protesters park trucks around prayer site

© Provided by The Indian Express Locals and members of right-wing groups who have been attempting to disrupt namaz in Gurgaon over the past weeks resorted to a new tactic ... Read more »

Why George Clooney turned down an offer to make $35 million in a day

George Clooney TIZIANA FABI/AFP via Getty Images George Clooney once had the chance to make $35 million for a single day of work. His response? Thanks, but no thanks. The ... Read more »

George Clooney explains why he rejected $35m for a single day's work

George Clooney has said he once turned down $35m (£26.m) for a single day’s work. The Hollywood actor, writer and director revealed in a new interview that the offer was ... Read more »

Reduced meat diet has several advantages, study suggests

© Provided by Zee News New Delhi: Globally, food is responsible for a quarter of human greenhouse gas emissions. A large part of this is due to livestock farming. Animals ... Read more »

Winter special: Take care of your health with fish oil

© Provided by The Indian Express Winter has arrived, bringing with it a lot of delight, but it also the need to take extra health precautions. During the chilly months, ... Read more »

Woman who has never even been to Scotland furious as she receives £400 bill for Scottish property 200 miles from home

A WOMAN who has never even been to Scotland has been left furious after receiving a £400 bill for a property 200 miles from her actual home. Christine Young, 69, ... Read more »

'I am still able to hack it around like I do on the golf course' - Donaghy chasing Kerry glory at 38

© James Crombie INPHO Kieran Donaghy. KIERAN DONAGHY CASTS his mind back two decades. On Kerry county final weekend, he can recall being involved in a game of such stature ... Read more »

Spacious, stone-fronted three-bed terrace boasts large garden

© Provided by Extra.ie This end-of-terrace stone front house in Co Leitrim is presented in excellent condition and is within walking distance of Ballinamore town centre and all its amenities. ... Read more »

Norway's FHI: As of December 3, we have 19 omicron-positive samples

As of December 3, 19 positive samples with the omicron variant had been confirmed in Norway, according to a press release from the National Institute of Public Health (FHI). The ... Read more »

Mirzapur Season 2 wins big at Asian Academy Creative Awards 2021

Mirzapur Season 2 won top honour at the Asian Academy Creative Awards 2021. The second season of Mirzapur premiered on Amazon Prime Video in October 2020 and received an overwhelming ... Read more »

IIFT 2022 exam tomorrow: Check last minute revision tips to crack the exam

© Provided by The Indian Express The National Testing Agency (NTA) will conduct the Indian Institute of Foreign Trade (IIFT 2022) entrance exam on December 5, 2021. With only a ... Read more »

Jurors at Ghislaine Maxwell's trial shown Epstein's massage table, photo of sex toys

1 / 5Jurors at Ghislaine Maxwell’s trial shown Epstein’s massage table, photo of sex toysGhislaine Maxwell trial in New York By Luc Cohen NEW YORK (Reuters) -A green massage table ... Read more »

Epstein's massage table brought into court on fifth day of Ghislaine Maxwell trial

Jeffrey Epstein’s green massage table was brought into the courtroom and shown to jurors on the fifth day of Ghislaine Maxwell’s trial over her alleged involvement in the late financier’s ... Read more »

Key moments from the first week of Ghislaine Maxwell's sex abuse trial

Ghislaine Maxwell trial in New York By Luc Cohen NEW YORK (Reuters) – Ghislaine Maxwell's sex abuse trial in Manhattan federal court began this week. Prosecutors have accused the British ... Read more »

Tel Aviv Is Named the Most Expensive City in the World

On Dec. 1, the Economist Intelligence Unit released this year’s Worldwide Cost of Living report Read more »

Brother charged with murder and sexual assault of 16-year-old Amber Gibson

The police scene at Cadzow Glen park in Hamilton where the body of Amber Gibson was discovered (Lucinda Cameron/PA) (PA Wire) Connor Gibson has been charged with murdering and sexually ... Read more »

Toy Story: Disturbing theory about Woody will change how you watch the films

There is a potential revelation about Toy Story 3 that gives the film a disturbing twist. The sequel, which was released in June 2010, follows the gang as they are ... Read more »

New Giant Jake Fromm will be get up-close look at Tua Tagovailoa again

There will be an Alabama-Georgia football doubleheader this weekend, courtesy of the SEC Championship game … and the Giants’ game at the Dolphins. After the two college powerhouses meet Saturday, ... Read more »

Archaeologists stunned by ancient human practice of raising deadly birds: 'Could kill you'

© GETTY Archaeology: Ancient humans may once have hatched and raised cassowaries The Stone Age began about 2.6 million years ago. This is the point that ancient humans began using ... Read more »

‘Unforgiving society, real shame' coach Justin Langer on the Tim Paine saga

© Provided by The Indian Express Australia coach Justin Langer has come out swinging in defence of former captain Tim Paine, after making a secret dash to visit his former ... Read more »

Populist leaders meet in Warsaw to discuss European Union

1 / 3Poland Le PenFrench far-right leader Marine Le Pen, left, pays respects at the memorial to the heroes of the Warsaw Ghetto Uprising, in Warsaw, Poland, Friday Dec. 3, ... Read more »

Woodland walks save UK £185m a year in mental health costs, report finds

Photograph: Geoffrey Swaine/Rex/Shutterstock Walks taken by people in UK woodlands save £185m a year in mental health costs, according to a report. Spending time in nature is known to boost ... Read more »

Michael Buble says Christmas has become 'emotional' after son's cancer battle

Michael Buble says Christmas has become “very emotional” ever since his son Noah was diagnosed with cancer. © Bang Showbiz Michael Buble The 46-year-old crooner has become associated with the ... Read more »

Parents of suspected Michigan school shooter, themselves wanted, taken into custody

FILE PHOTO: Police search for parents charged in Michigan school shooting (Reuters) – The parents of a Michigan teenager accused of murdering four fellow high school students were taken into ... Read more »

Ether und Bitcoin stürzen ab – aber es gibt Unterschiede

Bitcoin brach in den letzten Tagen ein – Ether sank weniger krass. Krypto-Analysten erwarten, dass sich Ether auch künftig besser entwickelt. Was seit vielen Monaten zu beobachten ist, tritt nun auch ... Read more »

Facebook warning for ALL users over imminent ‘Xmas hacks' – check your login now

FACEBOOK users around the world should check their security settings to prevent imminent hack attacks. Cyber-experts have warned The Sun that Christmas sees a surge in digital scams – so ... Read more »

Charlotte Maxeke Hospital is in crisis, needs intervention - Dr Mahomed

© AFP FILE: Inside the Charlotte Maxeke Academic Hospital in Johannesburg in April 2020. JOHANNESBURG – As the COVID fourth wave gathers steam, a top leader at the Charlotte Maxeke ... Read more »

Incentives to get over 4 million people above the age of 50 vaccinated

© Provided by 702 Various efforts are being made to optimise the South African vaccination campaign against Covid-19. Everyone above the age of 50 who choose to receive their first ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic