V8 Supercars Australia has confirmed that it has sold a major shareholding to Australian Motor Racing Partners Pty Ltd (AMRPL), in a deal that essentially secures the sport’s long-term future growth and development.
AMRPL’s parent company, Archer Capital, is the Australian investment firm that has ostensibly brokered the deal that will see it assume a 60% ownership of the sport’s commercial rights, in a deal believed to be worth upwards of $180 million. The racing teams will continue to control the remaining 40%, a reduction from its original 75% shareholding.
The series’ previous minority shareholder and founding investor, Sports Entertainment Ltd (SEL), has sold the entirety of its 25% stake in the sport after 14 years with the championship.
A press conference with V8 Supercars boss Tony Cochrane confirmed the sale, along with a change in the in the sport’s board of directors, which had appointed Cochrane as Chairman.
Cochrane also confirmed that a new V8 Supercars Commission would be established, charged with being an advisory body focusing on the sport’s rules and race formats.
“It has been a fantastic and exciting fourteen year journey to date, and this new ownership structure and investment are an exceptional outcome for everyone who loves this sport,” Cochrane said.
“Everyone in V8 Supercars should be immensely proud of the business and the sport that has been created. For my part, I am most proud of the nearly 1,600 jobs that are now contained within V8 Supercars.
“I have been asked and have agreed to continue with my role as both chairman and full voting board member as I see the coming years as the most exciting and most dynamic in V8 Supercars’ history.”