"The most anticipated new motor racing team in Australia..." in sponsor trouble?

[GTRMagic]

It seems that all isnt quite right at the new Britek megateam...

If you take a squiz at the two cars from the Eastern Creek weekend...





...and compare them with pictures of the preceding round in Perth...



... or indeed Pukekohe...



... you will notice that Eastern Creek saw a new brand on the front splitter in place of one that has been on the team since inception.

Whispers from the powder room suggest that the interestingly jigsawish team ownership structure may be undergoing some growing pains, with one of the partners having left the squad, taking their backing in the form of equity and sponsorship, as well as the gig preparing the Carrera Cup car for the heir, with them.

There was some suggestion that the young driver in the Carrera Cup car was 'guaranteed' an endurance race run in one of the team cars this season... that another driver was announced in this slot in the motorsport press this week may have help force the hand of the financier to leave the team.

Quite where this leaves the team that is left behind is a real pickle. The AdRad backing was important, as the noise around the team suggested the principals were underwriting this project until commercial strength was attained.

As I understood it, the second driver was meant to find his own sponsorship for running his car, and contribute to the running costs of the squad... However given the main car's poor franchise position, and the need to satiate the bigname sponsor, the second car has run in this livery for all of this season... which I dont believe was the original intention.

The cars are travelling reasonably well in the main series points chase considering their lack of running/testing... (and are crying out for a chassis engineer to fix the suspension....) while Mr Fernandez isnt showing the form in the ex-Speedymobile than previous seasons have shown... I would doubt the driver has forgotten how to go fast...

Indeed the radiator brand seems to have fallen off the official Website although the driver of the Porsche seems still to be on the steerer's sheet on that site as a link name, but his picture and profile are well and truly gone.

Strange times indeed... who said the Silly Season had to start at season's end?

[pete55]

The promised or the perceived promise of an enduro drive is apparently the reason the sponsor and his heir have left. They are apparently looking at other options.

[GTRMagic]

With the Britek team grouped with FPR, and not allowed any test days of their own this year, the young Carrera Cup driver and heir would not get anything like a decent complement of seat time in a Supercar before the endurance races.

Any other team that picks this driver up will be taking a significant risk....

[Just Do It!]

Has the powder room coughed up a rumoured number or numbers on the level of equity and sponsorship that the said departed were meant to be bringing?

This could leave NotSoTek in quite a precarious position. Luckily the "team owner" has a million dollar a year salary to help prop the show up. Hopefully the lovely Mrs NotSo isn't too high maintenance.......

[GTRMagic]

Three cars, a franchise licence slot, truck, equipment, a shedload of people, a newly fitted out workshop, participation in 3 (now 2..) series....

A low to mid seven figure number is the word from the washroom, whether it gets replaced by sponsor dollars, or new equity partners remains unclear.

[Rombles1]

Originally Posted by pete55

The promised or the perceived promise of an enduro drive is apparently the reason the sponsor and his heir have left. They are apparently looking at other options.

Aren't the Washingtons from Adelaide? Aren't Dynamik still looking for an enduro driver, and some more $pon$or$? Quick Mr Wills, get on the phone before Tasman or Larry do.....

[Just Do It!]

Originally Posted by GTRMagic

Three cars, a franchise licence slot, truck, equipment, a shedload of people, a newly fitted out workshop, participation in 3 (now 2..) series....

A low to mid seven figure number is the word from the washroom, whether it gets replaced by sponsor dollars, or new equity partners remains unclear.

Dumb question time..... How does one extract one's equity from such an organisation?? It would seem hard when the said equity is tied up in assets, unless one took assets to the value of one's equity.

Or does one put the operation on the market?

[Raglanparade]

The Carrera Cup porsche assets were equal to the Adrad equity ?

[Just Do It!]

Dunno. From what GTR has listed, I would say that they were significantly more!

[GTRMagic]

Originally Posted by Just Do It!

Dumb question time..... How does one extract one's equity from such an organisation?? It would seem hard when the said equity is tied up in assets, unless one took assets to the value of one's equity.

Or does one put the operation on the market?

To exit any partnership requires the partner who wishes to leave to be bought out of his/her stake in a deal. In this case, the other principals of Britek would likely need to stump up for the dollars invested by Mr Washington, to allow him to exit his position in the business.

A trip to Mr Booth's office and asking for another cheque perhaps?

[Just Do It!]

Yes, but what level was the involvement? Preparation of a Porsche and??

Mr Booth and Mr Kruk must be questioning the whole Britek involvement. I wonder who had the silver tongue to get this all rolling??

[GTRMagic]

Originally Posted by Just Do It!

Yes, but what level was the involvement? Preparation of a Porsche and???

As it says above... conventional wisdom around the paddock suggested that Mr Washington was the team's underwriter....

[peckstar]

Originally Posted by Just Do It!

. Hopefully the lovely Mrs NotSo isn't too high maintenance.......

i think mrs notso lived in a winnebago for a year and come home from there with little money, so i dont belive she is too high maintenance

[Belly13]

Does anyone know if this will jeopardise the future of the team for the est of the season? It doesn't look good for 2006 onwards...

[cavvy]

Where has the Washington Porsche gone, who is preparing it now?

[00 XR8]

Originally Posted by peckstar

i think mrs notso lived in a winnebago for a year and come home from there with little money, so i dont belive she is too high maintenance

I think you will find that was a different one


And when people say, what happens to the running of the Washington Porsche, that should be plural..........

I hope this doesn't affect his GT Championship campaign in anyway, we need all of the cars we can get in that

[Chucky]

Originally Posted by Just Do It!

Mr Booth and Mr Kruk must be questioning the whole Britek involvement. I wonder who had the silver tongue to get this all rolling??

Mr Jewel's considerabel talents in that area would have helped.

[peckstar]

just because they have lost a sponssor does not put them in sponsor trouble.

they were a sponsor that come with alot of demands, ie like run a porche cup. now they can concentrate on v8s withoyuut the distractions. possibly their new driver has brought some funds to the table , which will probably make up the difference

[Rombles1]

That is some pretty prominent real estate the Adrad signs were on - Mr White (the newer) must be bringing a prety big chunk of cash to "make up the difference" Peckstar!

Anyone know what a drive in the enduros costs a pay driver? And how many of the ring-ins pay and how many are paid?

[v8babe]

I've heard numbers in the ball park of $50k upwards, depends on the team. Don't know about the overseas guys but as for aussies, you won't find a free drive in the paddock anymore, let alone being paid to be there!

[Also a Believer]

again that depends on the team, some of the second drivers are there for skill not $$$$$$$$$

[Rombles1]

Surely Jim Richards doesn't pay???!!!!

[Raglanparade]

Yeah, i dont think Jimmy or James Courtney are paying at HRT this season.

[silver 2]

What happened at Phillip Island at AMRS meeting? Did that invovle baseball bats?

[D.R.T.]

Originally Posted by peckstar

just because they have lost a sponssor does not put them in sponsor trouble.

Could be wrong but doesn't the problem lay in that he was an equity holder in the team. Now thats gone.....?