V8 Supercars' most famous team has been given the go-ahead to continue to race in the series after controversy about its ownership.
March 22, 2007, 10.15am. Holden Racing Team drivers Mark Skaife and Todd Kelly will contest Round 2 of the Australian V8 Supercar Championship Series in Perth, West Australia, this weekend.
HRT owner, Skaife Sports, and the series' governing body Touring Car Entrants Group Australia (TEGA) have agreed in principle to a financial settlement that will see the team have its licences to race reinstated upon signing of a deed of release.
The agreement was reached after weeks of complex legal scrutiny to ensure that Skaife Sports meets the ownership and control provisions of the Team’s Licence Agreement (TLA).
TEGA chairman Kelvin O’Reilly says the agreement is provisional on TEGA approving of certain factors.
Once that's done, "TEGA will be satisfied that (HRT) 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 says HRT is "glad that this situation is being resolved in a positive fashion and we can now fully focus on the business of going motor racing.”
The TLA is designed to ensure that every team competing in the series does so on an even footing.
It requires teams to be independently owned, and prohibits cross ownership or control of more than one team. There was a suggestion that HRT and the Toll HSV team had the same owners.