Photo: supercars.com

Archer Capital confirms sale of Supercars to RACE

By

Archer Capital has announced it has sold its majority stake (65%) in Supercars to Racing Australian Consolidated Enterprises (RACE).

“We set out to find a new majority shareholder that would be able to build on the work that Archer and the management team have done over the past five years,” said Peter Wiggs, Chairman of Supercars and Archer Capital.

“The expertise that RACE has in sport, media, marketing and digital will enable just that.”

The RACE consortium is headed by the TGI Sport CEO Barclay Nettlefold together with the Australian Racing Group and the advisory firm Henslow.

Archer Capital bought Supercars in 2011 for close to 200 million AUD and, while not officially confirmed, the deal with RACE is reported to land at around 60 million AUD.

“Supercars, with the support of Archer, has done an amazing job navigating the past two years,” said Nettlefold.

“The RACE Board and I look forward to combining our collective resources, heralding an exciting new era in the growth of a sport that all Australians love.”

The remaining 35% stake of Supercars is owned by the teams and is reported to be handed to RACE as well, although not yet officially confirmed, in exchange for guaranteed fixed future income for the teams.