Archer Capital announced today that it has reached an agreement to sell its majority shareholding 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 ownership group has operational experience and brings significant marketing clout to Supercars and is excited about aligning the major circuit racing categories in Australia.
Transition of the shareholding will be completed by the end of the year, with RACE starting to engage in planning for 2022 with Archer and management.
“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 both Supercars and Archer Capital.
“The expertise that RACE has in sport, media, marketing and digital will enable just that.”
“Supercars, with the support of Archer, has done an amazing job navigating the past two years,” Barclay Nettlefoldsaid
“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.”