Phillip Island has new owner
Australia's picturesque Phillip Island circuit is now under new ownership.
Australia's Phillip Island circuit has been sold to a property business headed by a former Australian Rules footballer.
Current circuit owner Placetac Pty Ltd announced today that it had reached an agreement to sell the venue to Linfox Property Group Pty Ltd for an undisclosed figure. Placetac has owned the circuit for the past 20 years and the proposed sale includes the venue, visitor centre, approved hotel site and surrounding farmland.
The sale is subject to the resolution of some formalities but the existing business and operation of the venue will be unaffected by the sale.
Linfox is a Melbourne-based transport and property group founded and run by Lindsay Fox, who was an Australian Rules footballer with the St Kilda club in Melbourne before his success in business.
Phillip Island is currently the host of the Australian Motorcycle Grand Prix and World Superbike round. Grand Prix chairman Ron Walker said he was looking forward to working with Linfox at Phillip Island.
"The company has been a long-term contractor to the Australian Grand Prix Corporation," he said. "It undertakes a lot of the track works at Albert Park (venue of Australia’s Formula One Grand Prix). It is good news for the circuit.
"Linfox is a large company with a lot of expertise, we have a very good relationship with it, and we look forward to continuing to have excellent working relations with it into the future," he added.
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