HRT's New Owner

[the man]

I don't think that Skaife owns the team his name is only on the contract. He might get a bit of favouritism because he could sell it at anytime and then holden are in trouble.In think it would be the same in the K-mart situation that some will buy the rights for a cheap price or holden will give them a vary big bonus?

[RaceTime]

I think you would find that any contract Skaife has signed will prevent him from simply 'selling the team' without Holden being involved or having the final say on the sale...Holden aren't that stupid.
















Are they?

[GTV27]

But if skaife can't dispose of (or otherwise deal with) the team at his own discretion - then how can he be said to be the owner (ie in control)?

It would be interesting to see how (or if) Skaife's deal differs from Weel's or the Kelly's.

I wonder if Holden has recovered the amount it paid to the TWR administrators?

[GTRMagic]

whats the difference between having that or a floating charge over your business property, and you have to tell the bank if you want to sell that to someone else....

[Dazz]

The difference is it's HRT, and everything they do is either cheating or illegal, isn't it?

[RaceTime]

Originally posted by GTRMagic
whats the difference between having that or a floating charge over your business property, and you have to tell the bank if you want to sell that to someone else....

Because it is extremely unlikely, if not illegal, for a bank to be able to tell you who you can or can't sell your house to.

They hold the title, sure, but you have the ultimate right to sell the property described in the title providing the bank receive any monies owed to them.

[GTRMagic]

So when Holden Financial Services holds the finance paper for the franchise and the business known as Skaife Holden Racing Team, how is it any more legal to draft a document that says who Skaife can sell to??

Its the same type of finance transaction, admittedly on the never never payment plan....

If control never leaves the Holden company, then they effectively own the franchise and the car preparation business still.... and Kelvin and co should be right onto it.

[RaceTime]

We are talking about a business here, not a residential property which is well and truly covered by existing laws.

We have no idea what Skaifes contract says, however, I think I would go so far to say that ANY contract that says you 'own X,Y and Z for a period of 10 years' does not constitute a sale in the way that an ordinary person would understand the word 'sale'

Similarly, under these conditions it would be extremely unlikely that the purchaser (ie Skaife) would have any right to on-sell what he only 'owns' for 10 years without the approval of whoever the property is going to revert to.

As a side issue - does this 10 year ownership by Skaife indicate that Holden are only giving V8 Soupcars a further 10 years before they are replaced????

[GTRMagic]

Holden should be in bed well and proper with Ross Palmer and PROCAR by then should they??

I agree that the terminology looks weird, it apparently isnt meant to appear so dodgy, the 10 year arrangement encompasses the continued financial support of Holden, of HSV and any other Holden business in the Skaife Holden Racing Team....

The chat session last Monday night did little to make anything clear, if I hear the words "seamless transition" again I will scream!!!!!!!!!

[RaceTime]

Maybe you should become an astronaut - we all know that in space 'nobody can hear you scream'

[GTRMagic]

I have been called a space cadet previously....

[RaceTime]

Hehe - but I bet you don't look as good in your underwear as Sigorni does

[GTRMagic]

No, I would doubt that I do