WHEN Garry and Barry Rogers became shareholders in RACE, their goal was to support the country’s entire motor racing community, but two-and-a-half years later, the motorsport stalwarts and father-son duo behind Australian Racing Group are out.
Racing Australia Consolidated Enterprises or RACE is the owner of V8 Supercars Holdings Pty Ltd, and the pair have sold their nearly 14 per cent slice, or three-and-a-half-million shares, with the majority going to an overseas investor.
The Rogers bought into the group when it formed in 2021.
Barry said he and his father were always clear that becoming shareholders in the nation’s biggest motorsport business was their vision to nurture the “whole of motorsport.”
“You can make the whole of motorsport better by putting it all together,” he told Auto Action.
“Our objective was to create 20 weeks of motorsport, not just 12 weeks of Supercars and eight weeks of SpeedSeries.
“RACE said that made sense, because they’re all about digital marketing, and we understand car racing reasonably well.”
He believes Supercars’ leadership “didn’t want” ARG’s racing brands as part of their events.
They’re out: Barry and Garry Rogers, pictured at Garry Rogers Motorsport in Dandenong, have sold their shares in RACE, the owner of Supercars. Image: EDWINA WILLIAMS
Garry said not long after the ink was dry on the deal, and money had been handed over, “everything changed.”
Following the sale of shares, Supercars chair Barclay Nettlefold wished the pair well on behalf of RACE and Supercars.
“We extend our sincere thanks to Garry and Barry Rogers for their role as foundation investors in RACE,” he said.
“They were instrumental in our journey to acquire the business of Supercars, and we are grateful for their support.
“We respect their decision to sell their shares in RACE and realise what was a material uplift on the value of their initial investment.”
A statement issue this evening by Supercars Communications department said:
Supercars confirms that the Rogers family has recently concluded the sale of their shareholding in RACE at a material premium. Shareholders were duly informed of this development earlier this year.
The Rogers shares have been sold to an international investor, Walcot LLC, that has joined the RACE ownership group effective immediately.
Walcot LLC has links to Liberty Media, the owners of the Formula One Group.
Supercars extends its gratitude to the Rogers family for their valuable contributions during their tenure.
While Walcott LLC has had a relationship with Liberty Media, it is belived that no finanacial interest in Supercars (by Liberty Media) has been created by the purchase of the Rogers-RACE shares.
Read the full story in edition 1881 of AUTO ACTION, out as a digital magazine later tonight, Wednesday 6 March, and in stores tomorrow, Thursday 7 March. You can also hear this story discussed on this week’s Auto Action Rev Limiter podcast.
Latest Podcast: Hats off to you. It’s the Auto Action Rev Limiter
Hooray, F1 is back. Boo, Max Verstappen wins. The Bahrain Grand Prix was a little underwhelming, but at least there was racing… and scandal. There was plenty of scandel, but we don’t do that stuff apparently, so we don’t talk about Red Bull Racing, Christian Horner and Jos Verstappen.
Listen to our latest episode on your podcast app of choice or here
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