CAMS BLOCKS SUPERCARS AUSTRALIAN GT TAKE OVER
CAMS blocks Australian GT takeover – Photo: Rhys Vandersyde
The Confederation of Australian Motor Sport (CAMS) have blocked moves for Supercars to take over the management of Australian GT in 2018.
In a statement released by CAMS it was confirmed that Supercars wanted to extend the Category Management Agreement (CMA) for an additional three years, beyond it’s current 2020 expiry. It was a change that CAMS deemed “commercially inferior to the current agreement” with Tony Quinn’s Australian GT Sportscar Pty Ltd, which caused the deal to fall through.
Australian GT teams were notified yesterday that a deal could not be reached.
“The JV (joint venture) has always been subject to the approval by CAMS, The terms and conditions as sought by Supercars, AGT and CAMS have not been agreed to. As a result, the JV proposal will not go ahead in 2018.
“Both AGT and Supercars have committed to continue to work together regarding AGT events and the Bathurst 12 Hour.
“The current ownership of AGT and the CAMS Category Management Agreements will remain in place.”
The CAMS Statement from Eugene Arocca:
CAMS has been made aware that Supercars and Australian GT Sportscar Pty Ltd are no longer in discussions regarding GTs.
It is important to note that CAMS owns the rights to all FIA GT Categories, which includes GT Sprint, GT Endurance and the GT Trophy.
The commercial rights to manage these categories are subject to a Category Management Agreement (CMA) currently held by Australian GT Sportscar Pty Ltd for each of these classes.
Under the terms of the current CMAs, which run until the end of 2020, the potential transfer, sale or extension of these rights requires CAMS’ approval, given it is a CAMS asset.
As part of the proposal, we were asked to extend the current CMA for an additional three years under a proposal which CAMS deemed commercially inferior to the current agreement. As the custodians of motor sport in Australia we need to protect the value of our assets and Championships.
Like all motor sport fans, we want to see GT Sprint, GT Endurance and the GT Trophy class prosper and we will continue to work with all those involved in the category to ensure it continues to deliver exciting and sustainable motor sport and we are firmly focused on this. Planning for 2018 is well underway.
We believe the GT Sprint, GT Endurance and GT Trophy class have exciting potential and look forward to being a key part of its success into the future.
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