Honda F1 website

FEBRUARY 27, 2007

Holden to race - for the moment

The Holden Racing Team will be on the grid at this week's Clipsal 500 in Adelaide after having accepted an ultimatum from Touring Car Entrants Group Australia (TEGA) to resolve its outstanding control and ownership issues. The team has been given 14 days to comply with the licensing agreement. The team will only be permitted to compete beyond Adelaide if Skaife Sports, which runs the operation, can satisfy TEGA that the contractual and financial arrangements are such that Mark Skaife is in true and effective control of the team. TEGA suspects that former F1 team owner Tom Walkinshaw, who has an important role in Holden's racing activities, is currently the owner of the team

The rules require that teams are independently owned and prohibit a situation where there is cross ownership or control of more than one team.

It is worth noting that controlling interest in the teams cannot be transferred to any other entity without approval of TEGA and that those who are granted licences to compete must be "of good character, and undertake to compete fairly and professionally and have the appropriate knowledge and qualifications to discharge the responsibility of a team owner in the best interests of the V8 Supercar Championship Series".