HomeFinanceSupercars Sold To RACE To Usher In New Era For Australian Motorsport

Supercars Sold To RACE To Usher In New Era For Australian Motorsport

Supercars Sold To RACE To Usher In New Era For Australian Motorsport

Archer Capital has confirmed the sale of its majority stake in Supercars to a consortium called Racing Australia Consolidated Enterprises Ltd (RACE).

RACE, which is led by Melbourne entrepreneur and TLA parent company TGI Sport global CEO, Barclay Nettlefold, Australian Racing Group (ARG) and Henslow, plans to align Australia’s major circuit racing categories.

RACE was formed from the combined TLA/ARG bid, and managed to beat out several interested parties in the sale process, including Sam Shahin of the Peregrine Group via The Bend Motorsport Park, IMG which once owned Supercars in its infancy, and the France family behind NASCAR.

The main rival to the eventual winning bid was a consortium led by Boost Mobile owner Peter Adderton.

Supercars is yet to confirm if the 35% stake owned by the teams will be given to RACE as part of the sale, however there are reports the teams will forfeit their ownership stake for a guaranteed fixed income of at least $650,000 per entry, per year over five years.

On the purchase, Nettlefold said: “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,” Nettlefold said.

Supercars and Archer Capital chairman, Peter Wiggs, said the transition of shareholding will be completed by the end of the year, with RACE to help prepare the Supercars competition for the transition to Gen3 in 2023.

“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,” Wiggs said.

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

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