Motorsport: V8 Supercars sale key to worldwide growth

V8 Supercars boss Tony Cochrane has international ambitions for the series. Photo / Getty Images

V8 Supercars boss Tony Cochrane believes the AU$300 million sale of 60 per cent of the championships' shareholding is the boost needed to pursue his global ambitions for the category.

The deal will see Australian Motor Racing Partners (AMRP), funded by Sydney-based investment group Archer Capital, take over a majority shareholding in the Australian-based motorsport championship.

The competition's teams and management will retain a 40 per cent share in the business, while Cochrane will remain as chairman.

Cochrane believes with the injection of cash, his aim of turning the V8 Supercar championship into a truly international competition can be realised.

He said the Car of the Future plans - which are designed to make running and maintaining vehicles in the competition more cost effective, would be vital to future growth.

If the plan transpired it could see one if not more manufacturers joining Holden and Ford on the V8 Supercar grid by 2013.

And there was also the prospect of at least two, possibly three, brand new international venues.

"So, from a fan's point of view, there'll be more racing out of this decision today, there'll be a bigger calendar and there'll be more media/television to follow our sport with," he said.

"We've been working towards those things for a long time and this just gives us the strong foundation under which to go forward."

The deal will see an ownership structure in place of the championship with Cochrane and teams representatives Roland Dane and Brad Jones forming a board of directors with AMRP representatives Andrew Gray and Brad Lancken.

A separate V8 Supercars commission will be established in June to take over the racing rules, regulations and formats of the championship.

Gray said the new investors were looking long term and not seeking to make massive changes to the championship.

"It's not lost on us that this business is as a result of the incredible passion of the fans," Gray said.

"That custodianship of that fan base is something we take very seriously.

"We're very excited to work with the management team to grow the business."

Dane, who also runs the highly successful TeamVodafone that features star drivers Craig Lowndes and Jamie Whincup, said team owners had been impressed by Archer's sales pitch.

"We had to preserve certain aspects of the way that we go about doing our business, the business of going motor-racing," said Dane, who is one of the team owners believed to be receiving $4 million up front as part of the deal.

"The Archer guys understood that from the beginning and made it clear that they regard it as a partnership."

Aside from the establishment of the commission, the sport is also about to enter into broadcast negotiations, with its deal with the Seven Network coming to an end at the end of 2012.

Cochrane said a new deal would hopefully be agreed by the end of this year with Seven, Channel Ten and Foxtel among those believed to be interested.

- AAP