ARG NOT FOR SALE!
By Bruce Williams
Date posted: 21 September 2022
The Australian Racing Group has confirmed that there is no purchase of its operations either partially or entirely by Racing Australia Consolidated Enterprises – RACE, the entity that owns and controls Supercars.
By Bruce Williams.
Questions regarding the future ownership of Australian Racing Group were raised at one of the ARG category meetings at Sandown last weekend, and ARG CEO Matt Braid responded by saying that there was no deal going ahead for ARG to be purchased by RACE – the entity that operates Supercars.
Board Member Barry Rogers, spoke exclusively to AUTO ACTION regarding the ongoing speculation that RACE was moving ahead to take control of ARG. Rogers was emphatic that there was no opportunity progressing and that the door had closed on that scenario.
“We’re not selling. We’re just going to row our own boat and do our own thing,” Rogers said at Sandown during the Shannons Motorsport Australia Championships.
“Currently, with the Bathurst 6-hour, the Bathurst International and five or six other events, we think we are OK.
“We have great categories, as is evident by what has been racing here this weekend, and we are full steam ahead working on plans for the future.
“We’ve got a minimum of seven rounds, so whether we look to grow that to 10 in the future and run all the categories at our own events we will look to see what opportunities might come up.
“We have a great partnership with Motorsport Australia and with STAN and the Nine network we have fantastic media and broadcast partners, so we have plenty of scope to do our own thing. It’s all positive from our point of view.”
Several TCR team owners told AUTO ACTION that the feedback they were being given was that RACE was still pressing on with the purchase and that TCR would not survive under a RACE/Supercars owned program.
Rogers said that, like others, he had also heard the rumours circulating around the Paddock at Sandown that RACE was thinking about buying ARG and would kill off TCR, but he reiterated that it didn’t matter because the sale to RACE was off the table.
“We invested in RACE as there was a whole of motorsport program and at the time of our investment in 2021, they were to simultaneously take an equivalent stake in ARG.
“The aim of this was to align the commercial interests of both entities so the focus would be on building a two-tier calendar – that uses the right products at the right events to deliver the best outcomes for fans, the sport, sponsors and governments.
“Ultimately the RACE part of the investment in ARG didn’t happen and, despite that, we have maintained our investment in RACE as we still believe in the whole of motorsport program.
“To be clear, we want to work with Supercars collaboratively and whether there is some opportunity with Supercars with our Touring Car Masters, S5000 or GT categories then that’s great.
“Those categories have raced on Supercars programs in the past with no worries, So, maybe there are opportunities so that those things can happen in the future.
“But with regards to TCR and TransAm, I don’t think they will want either because they are possibly regarded as ‘conflicting’ and so we will just run them ourselves.” Rogers confirmed.
Moving forward with ARG now confirming that there is no sale to RACE, it still see’s ARG with a significant ownership of RACE.
“They haven’t got a share in ARG. There was an opportunity last year in November to acquire 30%, and they didn’t complete that, so now see it best that we press on and do our own thing.”
Garry Rogers Motorsport will retain its share of just less than 15% in RACE, purchased last year as part of an interdependent transaction agreement. In that agreement, ARG and RACE were meant to buy 30% of the shares in each other’s businesses by 30 November.
ARG, through Garry Rogers Motorsport and Brian Boyd (an ARG co-founder), bought into RACE as the largest cornerstone investors as part of the initial funding raise by RACE, but RACE did not progress their option to take up a pro-rata holding in ARG as outlined.
Nearly a year down the track, ARG has now taken that option and any further acquisition off the table.
In addition, it is understood that the approximately 15% of RACE held by Brian Boyd as part of the original ‘ARG’ cornerstone 30% shareholding in RACE has now been sold as a result of the move away from the whole of sport offer.
Barclay Nettlefold, RACE Chairman was approached for comment but had not responded as we closed for press.
For more on all the latest motorsport news and features grab the new issue of AUTO ACTION at your newsagent tomorrow or purchase the digital edition of the magazine here.
AUTO ACTION – Australia’s independent voice of motorsport.
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