Car Wars cease fire called: AVESCO and CAMS reach settlement
31/8/2000 22:07 (V8 Wire - Jason Whittaker) - A cease fire has been called in the legal tug-of-war over control of the V8 Supercar category, with parties today announcing a new truce that will end the courtroom battle.
The rift between Australian Motorsport’s two powerbrokers that had the potential to rip the sport apart appears healed, after CAMS and AVESCO reached an out-of-court settlement that will end the current legal proceedings.
In a joint statement released late today, AVESCO Chairman Tony Cochrane and CAMS CEO Peter Hansen announced the FIA-enforced mediation session had been a success.
“This is an extremely positive outcome for V8 Supercars and for Australian Motorsport,” the joint statement said.
“We think this outcome represents the best result for CAMS and its members and for V8 Supercar teams. We would like to thank Mr John Large and the FIA for assisting in bringing about this resolution.”
Legal proceedings began between the Confederation of Australian Motorsport (CAMS), the Australian Motorsport Commission (AMSC) and the Australian V8 Supercar Organisation (AVESCO) in the Victorian Supreme Court late last month.
CAMS and the AMSC launched the action to clarify the licensing arrangements of the V8 Supercar category between themselves and AVESCO, however most saw the battle as, ultimately, a fight to control the wildly-successful V8 formula.
Terms of the settlement won’t be released, and both parties have refused to comment further on the deal.
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