Supercar news 2022 | Supercars shareholder ditches ownership group – Michmutters

Supercar news 2022 | Supercars shareholder ditches ownership group

A shareholder in the group which owns Supercars, dubbed Racing Australia Consolidated Enterprises Ltd (RACE), has sold its stake in the business.

The embattled RACE ownership group has endured a topsy turvy few weeks of late with internal grievances aired publicly and rumors of financial difficulties persisting.

Frustrations recently came to a head after an overseas bid by sports media entertainment company FanTech to buy the business was allegedly rejected.

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The Australian Racing Group (ARG) is among the Supercars ownership group that includes QMS APAC CEO Barclay Nettlefold and investment advisory firm Henslow.

ARG initially sought to buy Supercars on its own but was coaxed into joining the front led by Nettlefold, who, by and large, has been the face of RACE.

Today, motor racing outlet V8 Sleuth revealed ARG has sold part of its shareholding in RACE.

The promoter’s stake accounts for roughly 30 per cent of the ownership group.

Although not confirmed, reports indicate Henslow has bought the shares formerly held by the Australian Racing Group.

“I can confirm that ARG has sold a significant holding in RACE but not its entire holding,” Rogers told V8 Sleuth.

Asked whether Rogers was looking to sell the remaining stake, he said he was “considering that position” and will make a decision in due course.

A deadline is reportedly not far away at which point other shareholders of RACE will decide whether to purchase the remaining Australian Racing Group-owned shares.

Rogers last week told Wide World of Sports that he was upset with the other owners of Supercars.

He bemoaned a supposed lack of cohesion and reluctance to create a homogenous approach to the sport.

It had been hoped the Supercheap Auto TCR Australia Series and Turtle Wax Trans Am Series would have a greater presence at Supercars events.

Neither series has featured on the Supercars support card since last year’s season finale at Mount Panorama, which was effectively a merger of the Australian Racing Group-run Bathurst International and the Supercars-operated Bathurst 1000.

Tensions were heightened when Shane van Gisbergen was banned by his team Triple Eight Race Engineering from competing in Trans Am under duress from Supercars.

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