Sponsorless 1000: FAI collapse forces withdrawal
19/3/2001 18:59 (V8 Wire - Jason Whittaker) -
Insolvent insurance giant FAI Insurance won’t be honouring its multi-million dollar sponsorship deal with the Bathurst V8 Supercar 1000, today announcing their withdrawal.
The collapse of FAI’s parent HIH ensured the company would not elect to renew their contract with Bathurst race promoter, the International Management Group (IMG). The three-year deal was up for negotiation this year.
IMG and the Bathurst City Council were today insistent that this year’s October race would continue as planned. It is believed IMG are already in negotiations with a number of potential sponsors.
Bathurst mayor Ian Macintosh lamented the loss of the naming-rights sponsor, but said the race would remain viable and successful under a new name.
"I'm very confident,” he told Bathurst’s Western Advocate today.
“It is such a well established event, there will certainly be sponsors out there now that the Olympic Games have gone by," he said.
HIH gained permission to appoint a liquidator last week after recording loses of over $800 million.
FAI has sponsored the Bathurst epic since 1998, replacing telecommunications company Primus.
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