Australia's V8 Supercars will soon have a new owner, with the series' 18 teams and founding investor Sports Entertainment Ltd (SEL) entering into a sale agreement today with Australian Motor Racing Partners Pty Ltd (AMRP).
The sale to AMRP comes with a new ownership structure and a $300 million capital investment, supported by financial backer Archer Capital, an Australian investment firm.
Full details of the sale have not been disclosed, although a report in the Australian Financial Review claims that the Archer-backed AMRP beat out Singapore-based World Sport Group for the sale.
The transaction is expected to be completed later this month. While AMRP will become the championship's major investor, the racing teams and management will retain a 40 percent share in the series.
Previously, the teams held 75 percent of the series, with SEL holding the remaining 25 percent.
A new board of directors will be established, with V8 Supercars boss Tony Cochrane continuing in his role as Chairman. The teams will also have two representatives on the board.
“It has been a fantastic and exciting 14 year journey to date, and this new ownership structure and investment are an exceptional outcome for everyone who loves this sport," Mr Cochrane said.
"Everyone in V8 Supercars should be immensely proud of the business and the sport that has been created. For my part, I am most proud of the nearly 1,600 jobs that are now contained within V8 Supercars."
A new V8 Supercars Commission will also be created, operating as an advisory body that will focus on the championship's rules, regulations and formats.