Whispers from the powder room suggest that a 2009 Racing Entitlement Contract has allegedly been discussed at the VESA board meeting of last Friday.
The discussions allegedly centred on the potential breach of the terms and conditions of the 2009 Racing Entitlements Contract by one of the team owners in the main series.
The story allegedly goes that because the control of the legal entity housing this team's 2009 Racing Entitlement Contract has recently changed without notifying the VESA board, that the team owner is now allegedly in breach of this contractual arrangement.
There are allegedly a number of remedies open to VESA in this circumstance, however the one allegedly chosen sees VESA electing to acting as a sales agent for this 2009 Racing Entitlement Contract, for onsale to alleged fit and proper potential 2009 Racing Entitlement Contract holders.
The kicker, allegedly of course, is that the existing team owner must maintain a car in the main series until such times that VESA can arrange to sell the 2009 Racing Entitlement Contract.
Failure to present a car would allegedly invoke the "liquidated damages" clause against the team owner in question, to the alleged tune of $180,000 per non appearance....
Presumably the discussions have already been had with the Official Assignee regarding the preemptive rights for agency for sale, as per the conditions agreed to in the 2009 Racing Entitlements Contract... such that the alleged sale process shall happen sooner rather than later.
The process going forward is to allegedly offer the 2009 Racing Entitlement Contract to the other VESA member teams, and if there are no takers, to offer it to the wider world... allegedly...
Either way, the sale price would be given to VESA, any claims by that team owner settled one way or the other, and the legal entity previously carrying the 2009 Racing Entitlement Contract gets what is left over after selling costs. Allegedly.
Presuming any of this actually happened
