HRT back on the starting grid
Holden Racing Team clear for the V8 Supercar Championship Series
Release Date: 16/03/2007
The Holden Racing Team will be on the starting grid for round two of the V8 Supercar Championship Series in Perth next weekend.
Skaife Sports and governing body Touring Car Entrants Group Australia (TEGA) have reached agreement in principle to a financial settlement that will see the team have their licences to race reinstated upon signing of a deed of release early next week.
The agreement was reached by both parties today after weeks of complex legal scrutiny to ensure that Skaife Sports is compliant with the ownership and control provisions of the Team’s Licence Agreement (TLA).
TEGA Chairman Kelvin O’Reilly: “Conditional upon TEGA’s approval of certain agreements, TEGA will be satisfied that the Team will be compliant with the relevant provisions of the TLA in the future.
“The Team will be subject to stringent regular and random checks and disclosure to ensure ongoing compliance with the TLA and could not expect any leniency if breaches are detected.
“It has been an extraordinarily complex issue that has taken a great deal of time to work through and TEGA is satisfied that it has reached a commercial settlement that is in the best interests of the sport, the fans, sponsors and associated stakeholders.”
Skaife Sports Director Mark Skaife: “We at HRT are glad that this situation is being resolved in a positive fashion and we can now fully focus on the business of going motor racing.
“It is unfortunate that this situation has occurred and we look forward to a positive and co-operative relationship between the team and TEGA in the future.”
The TLA is designed to ensure that every team competing in the V8 Supercar Championship Series does so on an even footing.
It requires that teams are independently owned. It prohibits a situation where there is cross ownership or control of more than one team. The benefits of ownership are personal to the legal and beneficial owner of the TLA and a controlling interest cannot be transferred to any other entity without approval of TEGA.
Those persons who are granted a licence to compete must be of good character, and undertake to compete fairly and professionally and have the appropriate knowledge and qualifications to discharge the responsibility of a team owner in the best interests of the V8 Supercar Championship Series.
71 429SCJ Mustang