SUPERCARS SET TO CHANGE HANDS
By PAUL GOVER, News Limited
Supercars headquarters in Sydney is preparing the paperwork for a potential sale.
At least three consortiums are believed to be considering a bid that would take the championship away from Archer Capital.
There has been lots of talk about a sale over the past six months involving money men from various locations including Australia and Asia.
Archer is believed to be rationalising its holdings and is already moving on the sale of the two properties which are bundled in the same business division as Supercars.
The private equity company paid $300 million for the rights to Supercars more than five years ago, but subsequent write-downs mean it could accept a bid for a substantially lower figure.
But, as yet, none of the bidders have gone public with their plans.
One of the potential players, according to the Australian Financial Review newspaper, is sports entrepreneur Bart Campbell. He is a transplanted New Zealander who lives in London and has a number of sports properties including the Melbourne Storm rugby league team.
But pitlane chat says there are a number of personality clashes and potential hitches involved in any potential deal, which hinges on the approval of Archer’s supremo, Peter Wiggs.
Teams could also tip the balance on a sale, as they have ‘tag along’ rights which means they have to be offered a payout for their stake that matches any offer to Archer Capital.
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