Struggling V8 raceway sold for $3.5 million
23/3/2000 18:41 (Jason Whittaker) - Troubled motorsport circuit Queensland Raceway had it's future assured yesterday, after it was sold to a consortium for what is believed to be $3.5 million.
Motorsport enthusiasts John Tetley and his wife Amanda, Russell and Gina Cronk and Reeve Kruck have become the new owners of the year-old Queensland Raceway circuit, after the multi-million dollar complex fell into debt late last year.
The deal, negotiated by the circuit's State Government-appointed administrators, was announced late yesterday by State Sports Minister Terry Mackenroth.
"What we have now is in effect the chance to start afresh," Mr Tetley told The Courier Mail today. "The circuit itself will be more or less debt free."
All parties within the consortium have vested interests in the battling raceway, with Mr Tetley and Mr Kruck investing more than more than $500,000 in raceway garage facilities, while Mr Cronk's company provides on-site catering to the circuit.
The future of the home of the V8 Supercars' Queensland 500 appeared in jeopardy last year when the company that owned and operated the circuit, Motorsport Queensland, was placed into the hands of receivers in October.
The new owners last night said all rights of existing Motorsport Queensland members would be protected. The consortium also revealed plans to inject more than six million dollars into circuit facilities and infer-structure over the next 10 years.
Queensland Raceway is currently being considered by V8 governing body AVESCO to host the Round 7 Shell Series sprint-race event, with Lakeside Raceway and the new Darlington Park circuit the other contenders. It is not yet known how yesterday's announcement will effect the bid.
Full details of the sale won't be revealed until Queensland State Parliament resumes next month.
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