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V8 Supercars have announced a $300 million deal selling 60 per cent of the motorsport championship’s shares to a Sydney private equity firm.
Archer Capital will now take a controlling share of the championship after negotiating the deal with Sports and Entertainment Limited (SEL) and the V8 Supercar teams.
SEL had held a 25 per cent share in the sport with the teams holding the other 75 per cent.
Under the new deal, which is expected to give every license holder $4 million, the teams will retain a 40 per cent share in the sport.
Current boss Tony Cochrane will also be retained as the sport’s chairman.
The deal is seen as a big step for the sport as it prepares for the next round of TV negotiations.
The current broadcast deal with the Seven Network concludes at the end of 2012 and Archer’s first role will be to maximise revenue through a new deal.
Seven, Channel Ten and Foxtel are reportedly set to bid for the sport’s broadcast rights past 2012.
Cochrane said the sale was a “big deal” for V8 Supercars.
“This is a tremendous occasion, a huge win-win for our sport,” Cochrane told reporters on Tuesday.
The new deal, which will see ownership handed to a group called Australian Motor Racing Partners, backed by Archer Capital, will not significantly change day-to-day operations according to Cochrane.
“Our teams and owners will remain heavily involved,” he said.
“Most importantly, this sale gives us the platform to evolve. Firstly globally and domestically with our media rights. Secondly, through our Car of the Future program and finally, by maximising our potential to use our FIA status as an international series to reach new destinations.”
Cochrane said a new commission to run the sport will be established in June and he was eyeing off an 18-round calendar in the future.
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