Team Dynamik seeking to sell its ex-RNR licence??

[V8's rule]

It looks like Tony Longhurst has finally ran out of option's to put off the enevitable........If this email notice to all of the TEGA teams is anything to go by.


Expressions of Interest sought for Level 1 V8 Supercar Licence

Team Dynamik is seeking expressions of interest from parties who may have an interest in purchasing a Level 1 V8 Supercar Licence. Team Dynamik will be in a position to sell the licence if Longhurst Racing Pty Ltd’s application to the High Court for special leave to appeal is unsuccessful. The High Court has indicated that it intends to hear the application for special leave on 8 February 2008.

In line with the orders of Justice Muir of the Supreme Court of Queensland made on 11 September 2007, a Deed of Accession has been executed by Rod Nash Racing Pty Ltd in favour of Team Dynamik. That Deed is presently held by Team Dynamik’s lawyers. However, Team Dynamik is prevented by a Stay Order from lodging the Deed of Accession with TEGA until the High Court appeal proceedings are finalised.

If the High Court dismisses Longhurst Racing Pty Ltd’s application for special leave, Team Dynamik intends to lodge the Deed of Accession with TEGA and immediately seek its consent to a transfer of the Licence to Team Dynamik and to the immediate on-sale of that licence. Team Dynamik intends for that on-sale to be in favour of the highest bidder at that time who is acceptable to TEGA.

Please do not post peoples personal phone numbers on this forum no matter what the content of the story may be



.

[Pro Racer]

wellwhat does this mean for RNR/TDR?

[NAC]

Originally Posted by Pro Racer

wellwhat does this mean for RNR/TDR?

Means that if/when the court order goes through they will either be looking to buy it or opt to take up one of the the others floating around, I think they are in a fairly good position.

[Pro Racer]

if TDR want to lease/buy one there is 3 others to choose from (2x PWR, 1x Walden), what should they do get hold of another licence now with enough time to put a deal together and cut their loses with RNR/Dynamik/Longhurst or wait till the court order goes through and if it's bad then try and rush a deal for Adelaide?

[GTRMagic]

Actually the wording of the document above is interesting.

It suggests that RNR has accepted the court ruling, and has placed the paperwork in the "system" to revert the licence to its original owner in Team Dynamik.

But what the story doesnt say.. is that RNR purchased his franchise licence slot from Mr Longhurst.. at a value.. and that it is likely that that value shall need to be returned to RNR, once the paperwork for transfer has been executed with TEGA.

Presumably this sale notice is being placed with a view to selling/agreeing to sell the now 2008 car licence to a team... perhaps on or before the date of the final court judgement such that no money needs to be paid by Team Dynamik to RNR from their own funds.

What also seems to be intimated from the note above is that RNR's transfer back to Team Dynamik, as described, effectively eliminates RNR's aspirations of holding onto the Team Dynamik 2008 car licence, effectively suggesting that RNR would need to secure a PWR or Walden 2008 car licence in order to operate the TDR Commodore in that slot this season.

The late timing of the court appeal doesnt give a lot of leeway for failure.. if someone were to agree to purchase the Team Dynamik 2008 car licence, from Feb 9, its only 12 days till Adelaide... so if the appeal is still being looked at after that date.. the prospective purchaser may not end up with use of the licence....

... but more importantly perhaps... RNR may not have the funds in its possession from a sale to secure a Walden or PWR 2008 Car Licence.....

At least the issue appears to be drawing to a conclusion... finally!

[Rombles1]

Originally Posted by GTRMagic

....At least the issue appears to be drawing to a conclusion... finally!

even though the supposed conclusion seems to still have a lot of questions remaining....

[V8's rule]

Originally Posted by GTRMagic

Actually the wording of the document above is interesting.

It suggests that RNR has accepted the court ruling, and has placed the paperwork in the "system" to revert the licence to its original owner in Team Dynamik.

But what the story doesnt say.. is that RNR purchased his franchise licence slot from Mr Longhurst.. at a value.. and that it is likely that that value shall need to be returned to RNR, once the paperwork for transfer has been executed with TEGA.

Presumably this sale notice is being placed with a view to selling/agreeing to sell the now 2008 car licence to a team... perhaps on or before the date of the final court judgement such that no money needs to be paid by Team Dynamik to RNR from their own funds.

What also seems to be intimated from the note above is that RNR's transfer back to Team Dynamik, as described, effectively eliminates RNR's aspirations of holding onto the Team Dynamik 2008 car licence, effectively suggesting that RNR would need to secure a PWR or Walden 2008 car licence in order to operate the TDR Commodore in that slot this season.

The late timing of the court appeal doesnt give a lot of leeway for failure.. if someone were to agree to purchase the Team Dynamik 2008 car licence, from Feb 9, its only 12 days till Adelaide... so if the appeal is still being looked at after that date.. the prospective purchaser may not end up with use of the licence....

... but more importantly perhaps... RNR may not have the funds in its possession from a sale to secure a Walden or PWR 2008 Car Licence.....

At least the issue appears to be drawing to a conclusion... finally!

GTR.......On the RNR licence I would agree........However the wider issues between Longhust Racing and Team DynamiK........Could fester on for some time I would suspect.

You may recall that Justice Muir "Stay Order" required the payment of a substanial bond, that would be forfeited if the "Stay order" proved to be nothing more than an attempt by LR to frustrate the resale of thr RNR licence.

With an alleged guranteed TEGA income package this season, assuming every round is attended etc, there is surely a lot of money at stake here.



.

[Falcadore]

Anyone wanna bet that franchises are worth quite a bit less than 1.5 mill with four floating around and peeps unable to pay the money...

Market forces works both ways folks.

[V8's rule]

Originally Posted by Falcadore

Anyone wanna bet that franchises are worth quite a bit less than 1.5 mill with four floating around and peeps unable to pay the money...

Market forces works both ways folks.

Falcadore.........I would agree with you.........The so called Walden Licence is potentially very mess plus it has to be upgraded........It looks like PWR might park one licence up with TEGA and run one car for an as yet unknown driver.

This leaves Team Dynamik's level One Licence, as the only Licence that could in theory be bought substantially under market value......Because of the top up from the Longhurst bond......to cover any shortfall.......Up to $500.000.



.

[Also a Believer]

Is it just me or does anyone else see the possibility of only 25-27 cars turning up for Clipsal.

[Pro Racer]

well there is a design done by Simon over on V8 Central that is either a maissive clue or just abit of fun.

[FalconXRated]

I think TEGA will have a close eye on this and options will already be in place for any affected team that has an intention of running in the 2008 series.
Remember TEGA let HRT start last year while their ownership was still being worked out.

Interesting to see that 1 car teams are almost extinct, I predict 22 - 26 cars that are well financed in 2 years the way were going, at least the competition may be interesting, hell we know where Britek / TKR / WPS / GRM / PCR etc will end the weekend now.

[GTRMagic]

The way the judgements and the information above, seem to read is that RNR has no ownership/equity position in the Team Dynamik 2008 car licence, and no monies payable to RNR from Team Dynamik.... so RNR are effectively free agents.... giving the the option of purchasing this 2008 car licence from Mr Wills, or from Mr Weel, or from Mr Rom... *cough* Mr Walden...

Presumably if Mr Wills is unable to resell this 2008 car licence, then there are 2 options open.... in the 2007 Teams Agreement, TEGA may reclaim the licence with a view to either absorbing it themselves if the sot was unsold for 2 months.. or reselling it themselves... or perhaps a 3rd option opens up... to run Mr Wills in a reformed Team Dynamik....

Team Dynamik seems alive and well.. as an engineering business supplying components and technical knowhow to development series teams... if the powder room is accurate, Mr Russell's VX is sitting in Adelaide right now being transformed into a "Dynamik" VZ. Potentially there is the infrastructure (people and equipment... sans car) in place to operate a team to fulfil the car licence obligations.

It would be nice for Mr Wills to get his money back from the licences he purchased not that many years ago. Although having Mr Wills on the grid would be a good thing as well

Can TEGA seriously fund a reclaim for 4x 2008 Car licences? You would imagine that the "guaranteed" $750,000 licence income may be threatened if $6m of he profit pool is eaten up by buying franchises with no obvious buyers?

Presuming any of this actually happened

[cavvy]

So who are the teams looking at being fined if they dont turn up - PWR (2), Team Dynamik (1), Walden (1)?
PWR appear across the problem & seem likely to appear to keep value in the licences.
If Team Dynamik are fined, it may result in further legal action?
Messy!

As Falcadore points out market forces are at work & it looks to be a buyers market, but are there any buyers? TEGA only?

[R2J2G]

well Team Dynamik are aparently already putting things in place in case they have to front at adelaide to avoid a fine

[peckstar]

i will take the bet.

[Pro Racer]

where does this all leave D'Alberto and his team, in the PWR licence tha V8's rule said they might be using above or in the FV8's again?

[GTRMagic]

Originally Posted by Pro Racer

where does this all leave D'Alberto and his team, in the PWR licence tha V8's rule said they might be using above or in the FV8's again?

The powder room has suggested that Mr Nash has been in dialogue with Mr Walden about securing is 2008 car licence....

[Pro Racer]

cheers GTR.

[GTRMagic]

Today was the day... a day in history...

...when Mr Longhurst and Mr Nash took their alleged last throw of the legal dice...

....to appeal a decision allegedly made against them for costs and reparations, and repatriation of the Team Dynamik 2008 car licence...

...and lost... allegedly!

The powder room suggests that Mr Wills is now the title holder of the 'Team Dynamik' 2008 car licence, and that it shall be transferred back to his legal entity from Mr Nash's Longhurst Racing P/L concern in due course.

Despite what was written in AA...

Presumably this also means that Mr Wills shall undertake to operate a car for Simon at Adelaide.. and beyond...

A good outcome, something to finally clear the decks for Mr Wills...

Where this leaves Mr Nash and Mr D'Alberto shall be interesting in the days to come. Presumably one of the 'cheap' WPS 2008 car licences shall be attractive to that group... without the encumbrance of a TEGA tax.

Presuming any of this actually happened

[Pro Racer]

so that would mean Bargs misses out if D'Alberto gets one of their licences?

[racer69]

Originally Posted by Pro Racer

so that would mean Bargs misses out if D'Alberto gets one of their licences?

If both WPS franchises are on the market Max Wilson would surely be highly likely to miss out too....despite the drawing that was released to dispell these sale rumours

[madman16]

This is all too hard. If you want to race at Adelaide just turn up please......

I can't see VESA stopping TDR/Nash from running when they've publicly announced their intentions to run the whole series with a decent team/car/budget already in place

[GTRMagic]

Originally Posted by madman16

I can't see VESA stopping TDR/Nash from running when they've publicly announced their intentions to run the whole series with a decent team/car/budget already in place

Except they dont control/own a 2008 car licence... minor technicality I must admit

[Rombles1]

Originally Posted by GTRMagic

Except they dont control/own a 2008 car licence... minor technicality I must admit

(I can't believe I'm gonna suggest this, but here goes....)

Isn't D'Alberto a customer of Uncle Tom? He will get a licence.