Racing is safe at Phillip Island
Racing is set to continue at Phillip Island.
The owners of the Australian Phillip Island circuit have said that the decison to sell off the circuit to new investors was necessary to continue its future development.
In announcing the decision, Peter Henderson, chairman of the Placetac group of companies said that Colliers International had been appointed to sell off its entire interest in the Phillip Island venue.
“In the eighteen years since 1984, when we purchased the circuit and surrounding coastal farming land, we have progressively developed the property, events and tourism activities to the international standard of excellence for which Phillip Island Grand Prix Circuit is widely acknowledged today.
“Our dedicated management team and staff will continue to work with the circuits clients, motor sport partners and Government agencies in order to maintain Phillip Island’s reputation as the leading motor racing facility in Australia.
“To enhance the multi function business opportunities at Phillip Island Grand Prix Circuit it is appropriate timing, however, for the current ownership to step aside and allow a future investor to participate in the next stage of development,” Mr Henderson concluded.
Expressions of interest must be registered by the beginning of November.
Meanwhile, organisers of the Australian MotoGP have told e-Tracks that there was no danger of the circuit losing its main event.
"Any sale will not affect the running of the annual Australian Motorcycle Grand Prix. The Australian Grand Prix Corporation has an arrangement to stage the event there until 2006, irrespective of any ownership change," confirmed Geoff Harris of the Australian Grand Prix Corporation.
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