Sports

SuperCars Sold as R.A.C.E Consortium Beats Boost Mobile and IMG to New Era

SuperCars Sold as R.A.C.E Consortium Beats Boost Mobile and IMG to New Era

Archer Capital’s has come to fruition with the sale of its majority stake in Supercars to Racing Australia Consolidated Enterprises Ltd (RACE) has been confirmed.

In the early rounds of the sale process, several parties emerged as candidates.

Among them was 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.

Norwell Motorplex owner Paul Morris, Pete Smith of SCT Logistics, MotoGP world champion Mick Doohan, and BTCC boss Alan Gow were part of that five-pronged effort.

At the infusion point of the deal, they pulled out after TLA/TGI/ARG bid was given first preference.

RACE executive led by CEO Barclay Nettlefold along with motor racing promoter the Australian Racing Group and independent advisory firm Henslow made it a success.

Although not explicitly named in Supercars’ release, TLA Worldwide is known to have involvement in the deal.

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

The announcement only discusses Archer Capital’s circa 65 percent stake, despite the fact RACE will also acquire the 35 percent collectively owned by Supercars’ teams.

Nettlefold adds, “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.”

In the statement to the media, Supercars confirmed the transition of the shareholding will be completed by years end.

RACE has already started engaging in planning for 2022 with Archer Capital and management to get handover of the new deal.

The announcement comes years after Supercars and Archer Capital chairman Peter Wiggs confirmed plans in 2017 to offload the business.

“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 Wiggs.

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

The various stakeholders in the winning bid bring experience from different backgrounds, albeit largely sports and media-oriented.

TGI Sport, which was established in 1997, hails itself as an infrastructure, technology and media rights business.

The business has global reach having worked with international sporting leagues and organisations including FIFA, UEFA, NBA, NHL, MotoGP as well as domestic organisations Rugby Australia, Football Federation Australia, and Cricket Australia.

TGI Sport spearhead Nettlefold is also CEO and managing director of affiliated company QMS Media, a position he has held since 2015.

Nettlefold is among those thought to be in the running to replace Wiggs as Supercars’ chairman.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

close