SIX BIDS FOR SUPERCARS

Six groups are now believed to have made offers to buy Supercars from private equity fund Archer Capital.

Along with known bids from a consortium of motorsport identities, a leading sports marketing agency and a motor racing promoter, AUTO ACTION has learned that three others have been received.

The bids were lodged by the deadline last Wednesday for initial formal expressions of interest known as “non-binding indicative offers”.

As Supercars chief executive Sean Seamer indicated he wanted to stay on under new ownership, more interest in the buy-out of Archer has been revealed.

Although details of the offers are subject to strictly enforced confidentiality agreements, a high-placed source close to the Supercars sale process claims six offers have been submitted.

A syndicate headed by Boost Mobile boss Peter Adderton, sports management company TLA and the Australian Racing Group are the known potential buyers.

There was speculation about a fourth mystery bid, but at the Townsville 500 this weekend, chat about a total of six offers has emerged.

But informed insiders haven’t named the additional bidders, who could be a mix of local and international groups with entertainment and/or sports promotion experience.

Adderton’s takeover consortium includes expat Aussie BTCC boss Alan Gow, five-time MotoGP world champion Mick Doohan, Bathurst 1000 co-winner Paul Morris and Supercars REC owner Peter Smith.

TLA’s bid is fronted by touring car legend Mark Skaife and former Collingwood AFL star Craig Kelly, a leading athlete agent.

TLA is a leading sports management and promotion group with international ties.

Majority owned by Garry and Barry Rogers, ARG runs major second-level racing, holding category management rights to TCR, S5000, Trans Am and Touring Car Masters.

ARG made an unsuccessful bid for Supercars in 2019, which was apparently foiled by team rights.

Archer Capital holds 65 per cent of Supercars, with the teams owning the remainder.

The sale is being brokered by Miles Advisory Partners, run by amateur racer and for Supercars team co-owner Tim Miles.

He orchestrated Archer’s takeover in 2011, reputedly worth $197 million. It is now valued at less than $60 million.

CEO Seamer deflected enquiries about the sale process to Miles, who is not commenting because of confidentiality agreements.

“Management are just focused on running Supercars, the championship and getting these events away, so that’s really a question for the shareholders as opposed to management,” Seamer said. “It’s still very, very early days in the process.

“Management will do what’s right for the sport and what’s right for any potential change in ownership.”

On further questioning, Seamer admitted the interest in buying Supercars was reflective of the value built into the business during the coronavirus crisis.

He cited completing last year’s championship amid restrictions, securing a new five-year $240 million broadcast deal and singing Repco as series title sponsor through 2025.

“All show that there’s a lot of strength in Supercars,” Seamer said. “I’m not surprised that there’s interest.”

Asked if he expected – or wanted – to stay on under new ownership, he responded that he wanted to complete his master plan for Supercars.

“We lost a year to COVID last year, so there’s a lot of work that we didn’t get done that we’d like to get done,” Seamer said. “We’re only one year into the five-year plan that we put together in 2019 as a leadership team.

“I can’t speak for my peers, but we lost a year to COVID last year and we want to deliver the plan.”

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