Tony Quinn has put forward a conditional offer to purchase a 100 per cent shareholding in Taupo Motorsport Park.
Already the owner of both Hampton Downs and Highlands Motorsport Park, should the offer be accepted, Taupo Motorsport Park will be Quinn’s third circuit in New Zealand.
Taupo Motorsport Park is a publicly listed facility whose largest shareholder is currently Rotorua Energy Trust, who owns a 10 per cent stake.
Quinn had previously attempted to buy the park for $3.5 million against a valuation at the time suggesting the circuit was worth nearly double that amount.
However, it appears Quinn is now making a second push to acquire the circuit.
He has outlined his intentions to continue using the park as a motor racing facility and implement a new membership model.
A statement issued by the Unlisted Securities Exchange (USX) read: “Mr Quinn has a longstanding and successful track record of founding, investing, managing and growing these businesses and holds a passionate and strong interest in growing motorsport in New Zealand.
“Mr Quinn has committed capital and investment in TMP’s motorsport park at Taupō, which will not be subject to securing external financing.
“His plans include:
- “Continuing to operate the motorsport park as a motorsport facility (including by fostering the development of grassroots motorsport in New Zealand).
- “Introducing a racetrack membership model similar to what exists at Hampton Downs Motorsport Park and Highlands Motorsport Park, where there are presently more than 400 members.
- “Expanding on the existing event activity at the Taupō motorsport park, including by leveraging the existing infrastructure and business contacts at Hampton Downs Motorsport Park and Highlands Motorsport Park.
“Mr Quinn is enthusiastic about what the future holds for the Taupō motorsport park.
“The sale process is expected to take approximately three months.”
Quinn’s offer price is $1.04 per share – a four per cent premium to the price at which shares were last traded on the USX.
Taupo Motorsport Park is currently valued at $6,688,203.
This year, Quinn purchased a 40 per cent share in Supercars team Triple Eight Racing, becoming the team’s major shareholder.