Archer Capital will sell its controlling stake in Supercars to Racing Australia Consolidated Enterprises.
The announcement:
Archer Capital can confirm that it has entered into an agreement to sell its controlling stake in Supercars to Racing Australia Consolidated Enterprises Ltd (RACE).
RACE is a consortium led by Melbourne entrepreneur Barclay Nettlefold together with the Australian Racing Group and Henslow.
The new group of owners has operational experience and significant marketing impact on Supercars and looks forward to coordinating the top circuit races in Australia.
The ownership transition will be completed by the end of the year, and RACE is starting planning for 2022 with Archer and management.
“We started looking for a new majority shareholder who could build on the work of Archer and the management team over the past five years,” said Peter Wiggs, chairman of Supercars and Archer Capital.
“The expertise of RACE in the areas of sport, media, marketing and digital will make exactly that possible.”
Barclay Nettlefold added, “Supercars has done an amazing job with the support of Archer over the past two years.
“The RACE Board and I look forward to joining our common resources and ushering in an exciting new era in the growth of a sport that all Australians love.”
The 2021 Repco Supercars Championship continues this weekend at the Bunnings Trade Sydney SuperNight. Tickets for all four upcoming Sydney events are available now.
All sessions will be broadcast live on Fox Sports and streamed via Kayo. The Seven Network will be broadcast live on Saturday from 3:30 p.m. AEDT and on Sunday at 12:30 p.m. AEDT.
Source: Supercars Newsroom
