V8 Supercars Acquired by Archer Capital
The majority shares of V8 Supercars Australia Auto Racing Championship will now be controlled by Archer Capital, and the series is valued at an estimated $316 million. Archer Capital is based in Sydney and funds Australian Motor Racing Partners Pty Limited. The organization will now own sixty percent of the series. The remaining forty percent of the V8 Supercars will be retained by the management holding and teams. Even though Archer Capital has taken on some debt in taking over the series, Andrew Gray, Director of the Australian Motor Racing Partners, expressed his optimism in regard to the takeover.
Andrew Gray spoke at a conference, which is viewable on the V8 Supercars website, saying that Australian Motor Racing Partners are a company that considers themselves long-term investors and that they are patient. He commented that the industry has grown and that they foresee a lot more growth in the future. Tony Cochrane will remain the chairman of the V8 Supercars Series, continuing to supervise the daily management that includes races in Australia, New Zealand and Abu Dhabi. Last year, the sport attracted approximately a hundred and twenty thousand spectators for each event. It is hoped that the new structure of V8 Supercars will develop the sport and create an infrastructure for the sport to continue on a steady growth pattern, and possibly add additional venues to the series.
The Australian Motor Racing Partners have a very distinguished history behind them, and are known to be successful in developing businesses and brands. With the backing of this leading company, V8 Supercars has a wonderful new future ahead of it. Financially the sport will be able to continue and develop under the watchful eye of the new investors, who will also be assisting in promoting the sport.
Tony Cochrane is also excited about the future, being quoted as saying: “It has been a fantastic and exciting 14 year journey to date, and this new ownership structure and investment are an exceptional outcome for everyone who loves this sport. 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.”