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V8 Supertourers Undergoes Ownership Change
V8 Supertourers Undergoes Ownership Change
New Zealand’s premier motor racing category today announced a new ownership structure which sees current CEO, Ray Noonan, lead a buyout from the founding shareholders.
“The new owners bring a significant capital base which will overcome the on-going issues with cashflow and allow the organisation to focus on its core business – the development of motor racing in New Zealand,” explained Noonan.
The new owners comprise Ray Noonan and David Sutherland. Sutherland and Noonan have a number of business interests together, including Cogent Limited. The new owners both have a personal passion for motorsport.
Noonan added: “Dave and I have worked together for the last decade and I know that his marketing brain together with his governance experience will become an asset to both V8 SuperTourers and to motorsport in general.”
The deal has been concluded for an undisclosed sum, however Noonan says a key aspect is that all existing trade creditors will be paid.
ENDS
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