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The way it works in TEGA franchise land, if an existing franchise holder wants to sell out, they must offer it first to the existing franchise holders in the category.
These franchise holders are required to make a bid no less than the one made by the 3rd party interested in buying the franchise. There is a time constraint for this offer as well, so that conclusion can be reached in the fullness of time.
As I understand it, at the Oran Park round, Briggs made application to the TEGA board that the Briggs Motorsport L1 franchise was available on the above basis, however failing that, the franchise was to be sold to TRIPLE EIGHT RACE ENGINEERING AUSTRALIA PTY LTD, and Adelaide company and related corporately to 888 in the UK
At that stage, the TEGA board had not met officially to discuss this latest development, however there were some rumoured complications.
I understand that the FPR/prodrive operation was taking a good, hard look at the franchise to purchase and run alongside their existing ex-GSR L1 franchise, as the Rod Nash L2 is to be reclaimed by the owner in 2004. I have heard no more about this particular story either.
Timing dictates that by Sandown, failing any offers and/or objections from the other franchise owners, 888 will own the Briggs Motorsport L1 franchise, accompanying equipment, and a medium-term lease on the premises.
This also assumes that the 888 operation has agreed with Betta Electrical for the continuation of the sponsorship arrangements for at least the life of the existing contract, which is not necessarily a given.
Until you see the press release proclaiming the conclusion of events, they havent had sign off from all required parties
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