AVESCO RACES AHEAD WITH EXPANSION

AVESCO RACES AHEAD WITH EXPANSION

V8 Supercars is hot property and it seems everyone wants a slice of the action.

Australia’s premier motor racing category is the subject of a television bidding war over telecast rights estimated to be worth $300 million.

Existing partners the Seven Network, Telstra and Foxtel are all part of discussions as the media race hots up. V8 chairman Tony Cochrane (pictured) won’t comment on the frontrunners and what they’re willing to pay.

“All our broadcast rights are now under negotiation, from free to air, digital and pay television. All those contracts are being decided, but I am not going to speculate on the end price,” he says.

AVESCO is making big changes to its on-track product and is in the process of introducing more competitors into what has been a two-horse race with Holden and Ford since its inception in 1996.

Already Nissan has agreed to enter the competition in 2013 and Cochrane is confident a fourth brand, tipped to be Chrysler, will also join the party.

Cochrane sold 60 per cent of the Supercars business to Archer Capital last year for more than $300 million to fund an overseas expansion, along with the development of a ‘control’ engine and chassis to make it more affordable to race in the category.

Enter ‘car of the future’.

“The highlight of what was undoubtedly a huge year for V8 Supercars was its partial sale to a private equity firm which will allows us to further our expansion plans, race at international destinations and continue developing the car of the future which will reduce costs and attract more brands to the sport,” says Cochrane.

“2013 is going to be a very big year because three things we have been working on will all come to fruition together. Car of the future will have started, Nissan will be competing and we are almost certain there will be a fourth brand and there will be three or four international races on the calendar.”

The Gold Coast hosts the three-day Armor All 600 V8 extravaganza in October and several teams and their drivers are based here.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

New report reveals 68 per cent of businesses are vulnerable to a cybersecurity attack

Partner Content
36 per cent of employees fear their organisation is at risk of financial losse...
SAI Global
Advertisement

Related Stories

Smartgroup shares plunge as suitor lowers takeover offer

Smartgroup shares plunge as suitor lowers takeover offer

Shares in Smartgroup (ASX: SIQ) have fallen back to where they were...

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

The Gold Coast’s Pacific Fair shopping centre, fresh from pla...

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Mining magnate Andrew 'Twiggy' Forrest's investment fir...

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas Airways (ASX: QAN) is gearing up to spread its wings much ea...