After a tumultuous bidding war between multiple groups, Supercars has confirmed that Racing Australia Consolidated Enterprises (RACE) will become the category’s new owner group.
In a statement, the series acknowledged current owners Archer Capital and the sale of its majority shareholding. RACE is set to take over both Archer Capital’s 65 per cent ownership stake, as well as the remaining 35 per cent currently owned by the teams.
The RACE consortium is led by Barclay Nettlefold, the Australian Racing Group (ARG), and Henslow. The ARG aspect brings particular focus, given its wealth of experience hosting rounds of TCR, the Australian GT championship, and the Touring Car Masters.
RACE beat a smorgasbord of different companies en route to its takeover, including a consortium led by Boost Mobile chief executive Peter Adderton, and a group consisting of Paul Morris, Alan Gow, and father of Jack Smith, Pete Smith.
“We set out to find a new majority shareholder that would be able to build on the work that Archer and the management team have done over the past five years,” says Supercars and Archer Capital chairman Peter Wiggs.
“The expertise that RACE has in sport, media, marketing and digital will enable just that.”
“Supercars, with the support of Archer, has done an amazing job navigating the past two years,” adds Nettlefold.
“The RACE Board and I look forward to combining our collective resources, heralding an exciting new era in the growth of a sport that all Australians love.”