RACE takes ownership of Supercars

The sale of Supercars from Archer Capital and the team owners to Racing Australia Consolidated Enterprises Ltd is complete.

RACE takes ownership of Supercars
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It was announced last month that RACE, a consortium led by Barclay Nettlefold and involving Australian Racing Group and finance firm Henslow, had agreed to terms with Archer over the sale.

Motorsport.com later revealed that RACE would take control before the Bathurst 1000.

That's now been confirmed, Supercars announcing today that the sale of Archer's 65 per cent, and the teams' collective's 35 per cent, to RACE has been completed.

Nettlefold will be the Chairman of Supercars effective immediate, while the make-up of the new Board is yet to be revealed.

The current senior management team, led by CEO Sean Seamer, will stay in place.

There have been question marks over the future of the Supercars Commission under the new owners, however today's announcement says it will continue.

Its precise form, however, is not clear from the announcement, which only states that, "new Commission members will be appointed in January."

“I have a strong passion for sport business acceleration, leading the vision and team for success," said Nettlefold.

“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 added: “It has been a fantastic and exciting 10-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.”

Seamer thanked Wiggs for his decade-long stint at the helm of the category and the teams for their input under the previous ownership structure.

“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," he said.

“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 boss Roland Dane commented 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."

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