A1 Bankrupt!

[duke_toaster]

Originally Posted by Kiwi3

It's going from bad to worse. The only hope for a World Cup of Motorsport format is if someone else can come in and buy the assets and rescue it.

To be honest, A1GP wasn't the best execution of the World Cup of Motorsport format. I have a little idea myself that I could detail in another thread, but it would require more FIA involvement (I.E. running it) and the founding of a new set of technical regulations. Two things the FIA would never be bothered to do.

If TT still thinks that he is going to be running A1GP then that's very bad news as far as I am concerned.

Surely he won't have an A1GP to run.

Still surprised that Campos Meta have not come out and squashed these stories, it must be killing their credibility.

If there is truth in it, well, that's a problem.

[Hepatic]

and the debts mount, the US team have won $4.5M for breech of agreement too

http://www.pitpass.com/fes_php/pitpa...s_art_id=39824

i'm struggling to see who is worse right now, TT or Simon Gillett Its been a sad year for motorsport...

[Tyrrell]

The kicking some on here are giving to TT is shameful.

I really hope that TT does manage to salvage A1GP. He has put so much more into it than is widely known. Much more.

If you care for the creditors then ask yourself this....

If TT buys are the chances the creditors get a better payout ultimately greater than if somebody else came in and grabbed the series off the Administrator? TT has an existing relationship with each creditor and will want to work again with many of them. Another purchaser likely will have his own people and little care for the personal side of what has gone before.

I speak as a fan of the series AND as a creditor.

[mountainstar]

Originally Posted by Tyrrell

The kicking some on here are giving to TT is shameful.

I really hope that TT does manage to salvage A1GP. He has put so much more into it than is widely known. Much more.

If you care for the creditors then ask yourself this....

If TT buys are the chances the creditors get a better payout ultimately greater than if somebody else came in and grabbed the series off the Administrator? TT has an existing relationship with each creditor and will want to work again with many of them. Another purchaser likely will have his own people and little care for the personal side of what has gone before.

I speak as a fan of the series AND as a creditor.

I don't think it's shameful at all, nor is it really relevant how much money he has invested.

He lied several times about the Gold Coast race, has left other commitments and races to rot and doesn't pay his bills. What more is there to it?

[Kiwi3]

Originally Posted by Tyrrell

The kicking some on here are giving to TT is shameful.

I really hope that TT does manage to salvage A1GP. He has put so much more into it than is widely known. Much more.

If you care for the creditors then ask yourself this....

If TT buys are the chances the creditors get a better payout ultimately greater than if somebody else came in and grabbed the series off the Administrator? TT has an existing relationship with each creditor and will want to work again with many of them. Another purchaser likely will have his own people and little care for the personal side of what has gone before.

I speak as a fan of the series AND as a creditor.

At least (I hope) you had a fairly good idea what you were getting yourself into. Put yourself in the shoes of Joe Bloggs motorsport fan on the Gold Coast though...

The fact is that TT destroyed his own credibility over time with his regular comments that A1GP was growing and all would be well when clearly it wasn't.

[Mak]

Originally Posted by Tyrrell

The kicking some on here are giving to TT is shameful.

I really hope that TT does manage to salvage A1GP. He has put so much more into it than is widely known. Much more.

If you care for the creditors then ask yourself this....

If TT buys are the chances the creditors get a better payout ultimately greater than if somebody else came in and grabbed the series off the Administrator? TT has an existing relationship with each creditor and will want to work again with many of them. Another purchaser likely will have his own people and little care for the personal side of what has gone before.

I speak as a fan of the series AND as a creditor.

Firstly TT has put nothing in but other people's money (he is so hard up he is trying to buy into F1), and did it as his own personal ego trip. Secondly he would be lucky to get any of his Cerditors to work for him again as he has no Credit. He took a very good series and destroyed it and has probably taken down a lot of established reputable people in the motorsport industry with it. I am also a Creditor but realise I will never see anything from TT. (god knows we have been told enough times the money is in the post.) He has proven to be a bare faced lier that no one should trust, and this is not the type of person who should or can be the head of such a series.

[Gaz170]

As a Queensland taxpayer, I guess that also makes me a creditor.

Not that I ever expect to see the money back. I feel for those who lost a lot by the no-show. TT should end up in prison if there is justice in this world.

[Woolley]

Originally Posted by duke_toaster

Two things the FIA would never be able to do.

Fixed your post for you

[JagtechOhio]

Gaz....

A favor to ask:

Given the way things went down, look back in hindsight and tell me if this would have worked.

10-16-2009, 04:12 PM #5 JagtechOhio
Registered User

To me, Surfer's should have been worked out as a second leg of the Motegi trip. Economy of scale with the logistics already in place.

If I was in the loop, I would have been following these developments with the not-so-crazy idea of offering the IndyCar Series as plan B.

So here's a good one for you: Penske is showing off shiny racecars in their shop right now for fan appreciation day. Somebody ought to get on the phone and say, "Give us $XXXXXX, and we'll be there with four cars to run Briscoe, Castroneves, Power and an invited guest (Dixon would be my choice for his local connection). We'll run them in a 150 Mile Shootout, call it "Championship, Round II".

Think that would create a little buzz? WORLD CLASS, in every respect. If Chip or Kalkoven wants to load 'em up and share the spotlight, even better.

MR. PENSKE, MAN UP.
__________________________________________________

I didn't realize Power was still unable to drive at the time, so another driver would have been involved. Would that have worked Down under?

[Oldtony]

The problem was Jagtech no one was willing to take the responsibility of saying A1GP were not turning up until 5 days before they were due to test at Willowbank. The logistics then became impossible. If Tiexiera had not been interested in grabbing the A$1.8 million supposedly for advance frieght payments he might have allowed some other arrangements to be made.
There were a few other possibilities being talked about by those in the know about 2 or 3 weeks before that, but the politicians and their appointees were not willing to bite the bullet and I don't think IMG were willing to tell them to do so.
Even when it came to the crunch a better program could have been aranged with local sports and GT cars but the V8 people wanted to ensure they were seen as the rescuers. We got an extra V8 races and a parade of museum cars.

[JagtechOhio]

Thanks Tony,

I'd have to go back and match all the dates, but I believe the handwriting was clearly on the wall when I wrote that, and at least a week remained.

The question is, even on the small scale as depicted above, would it have created a buzz? Say $3M to fly as many IndyCars in as possible, given the time constraints. The promoters would look like heroes, no? Bookings from NZ to see their homeboy race, no? IndyCar looks like a night in shining armor? Everyone has a little more incentive to but a ticket, and see this novel attempt to erase the A1GP mistake?

I liked it, and thought it presented a challenge that was reckless, but possible. That's pretty much my definition of racing, too.

[cavvy]

Originally Posted by Gaz170

As a Queensland taxpayer, I guess that also makes me a creditor.

Not that I ever expect to see the money back. I feel for those who lost a lot by the no-show. TT should end up in prison if there is justice in this world.

From the Queensland parliament:

QUEENSLAND Police are investigating motor racing company A1GP for suspected fraud, Premier Anna Bligh has revealed.
Two reports tabled in Queensland parliament today dissect the failure of the government-funded Gold Coast SuperGP car racing event after the A1GP pulled out at the last minute.

An Auditor-General's report into the fiasco found the necessary due diligence had not been completed and that the contract between the Gold Coast race organisers and the A1GP was inadequate.

http://www.theaustralian.com.au/news...-1225826687956

[Armco Bender]

QUEENSLAND Police are investigating motor racing company A1GP for suspected fraud......

[cavvy]

Originally Posted by Armco Bender

Bit rough Bent, Annas alive & well .. hello to the Queensland taxpayer/ Ipswich ratepayer.

To the international undertakers following the A1GP burial, its not all over downunder yet

[jondownunder]

At least we could have a cracking series in the making now that A1GP is dead, with an increasing number of teams (including a number of A1 squads) signing up to run the old A1GP Lola B05/52 in Auto GP:

EmiliodeVillota.com Motorsport x2
Euronova Racing x2
DAMS x3
Ombra Racing
Super Nova Racing x2
Trident Racing

Azerti Motorsport?
Charouz Racing System?
Emmebi Motorsport?
Team Ghinzani?
Monaco GP? (A1 Team Monaco)
RP Motorsport?

OK, the nation vs nation concept will be gone but I was usually more interested in the drivers anyway... and the Lola-Zytek was FAR more impressive than the 'Ferrari' IMHO. Remains to be seen just how many cars will end up on the grid though, and the quality of drivers. I'm convinced it'll be better supported and promoted than [Euroseries 3000] last year though.

Discussion thread here.

[Kiwi3]

I see Autosport reports that a deal might have been done between Campos Meta and TT. Does this mean that all of a sudden TT has finance, will be sorting out A1GP's debts (repaying the Queensland Govt?), A1GP will suddenly remerge with each season's champion driving for Campos the following year?

Great, from now on I will also never doubt the existence of Father Christmas, the Easter Bunny, or the tooth fairy ever again. I've been too cynical all along.

[Mak]

Not all that long! Didn't you use to think TT was Santa.

"If Tony Teixeira was Santa Claus..." Who set up this thread again?

"Great, from now on I will also never doubt the existence of Father Christmas, the Easter Bunny, or the tooth fairy ever again. I've been too cynical all along."

Its been an education..LOL

[duke_toaster]

Teixeira would not be popular in F1, it seems like Bernie is using any means possible to get rid of him. You would have though following Flavgate they would have added a mechanism of licensing for owners ...

[Jimmy Magnusson]

Originally Posted by JagtechOhio

Thanks Tony,

I'd have to go back and match all the dates, but I believe the handwriting was clearly on the wall when I wrote that, and at least a week remained.

The question is, even on the small scale as depicted above, would it have created a buzz? Say $3M to fly as many IndyCars in as possible, given the time constraints. The promoters would look like heroes, no? Bookings from NZ to see their homeboy race, no? IndyCar looks like a night in shining armor? Everyone has a little more incentive to but a ticket, and see this novel attempt to erase the A1GP mistake?

I liked it, and thought it presented a challenge that was reckless, but possible. That's pretty much my definition of racing, too.

A four car race? Or six, or eight? For that money? Can't imagine it would have helped. Really, I think beefing up the V8's was the best solution. And with Tagliani, Pruett, Blundell, Brabham and Christian Fittipaldi joining in for this year they've got a very appealing package.

[cavvy]

Originally Posted by Jimmy Magnusson

A four car race? Or six, or eight? For that money? Can't imagine it would have helped. Really, I think beefing up the V8's was the best solution. And with Tagliani, Pruett, Blundell, Brabham and Christian Fittipaldi joining in for this year they've got a very appealing package.

Appeal to who Jimmy?

Dont know if this fills in any of the missing peices of the jigsaw:
With four more years still to go on the contract, which included the payment of $11.6 million a year for IMG to run the event, the Government was forced to pay out $2.5 million in a commercial settlement.

The Government also saved itself from having to chase after the $1.8 million fee controversially paid to A1GP by assigning the liability to IMG as part of the settlement.

In return, the Government keeps assets such as fences, concrete barriers and other material needed to run the event, valued at up to $10 million.

Premier Anna Bligh said although the partnership with IMG had served the event well since 1995, when things went wrong it was unable to provide the Government with the ability to directly influence what was happening.

"Taxpayers gain the assets and importantly the taxpayers and Government are no longer bound by a contract that would have seen them having to pay $11.6 million every year to IMG," she said.

http://www.goldcoast.com.au/article/...oast-news.html

[Kiwi3]

Originally Posted by Mak

Not all that long! Didn't you use to think TT was Santa.

"If Tony Teixeira was Santa Claus..." Who set up this thread again?

Erm...

I guess that is what the word "if"is for!

[JagtechOhio]

Yep. The potential fallout in public sentiment and the blame that would be assigned to organizers and politicians has already begun before the race.

One of the major selling points was about attracting overseas tourism dollars. That was always the ingredient desired, to create an international flavor for the event.

I hope the Stock car races are a rousing success in the future, you guys love racing and deserve to see the best. We're fortunate to see some of your best race here. Ryan Briscoe drives like a hero, and I respect him even more because he doesn't act like one. Best handshake, biggest right foot.

[Oldtony]

Originally Posted by Jimmy Magnusson

I think beefing up the V8's was the best solution. And with Tagliani, Pruett, Blundell, Brabham and Christian Fittipaldi .

Who are they???
Seriously the only name there known in Australia is Brabham, and that's because of his dad.
If those names are supposed to attract international visitors, who may be familiar with them, ask yourself if you would travel half way round the world to see them in a car they were unfimiliar with, belonging to a team telling them "Don't bend it we have a championship going on here"?

[Oldtony]

Originally Posted by cavvy

Appeal to who Jimmy?

In return, the Government keeps assets such as fences, concrete barriers and other material needed to run the event, valued at up to $10 million.

The taxpayers paid for those assetts way back when the Champ Cars first raced here and they were only transferred as a book entry to Gold Coast Motor events.
Surely there should have been some sort of performance clause in the IMG contract that terminated it for failing to deliver? Apparently there wasn't, so you can understand the local concern about the details of entering into a contract with Sports Entertainment Ltd and VESA if it is to be "Commercial in confidence".
And just maybe there are a lot of angry Queenslanders who would like to have hung onto the right to keep pursuing Tony TX for the money plus whatever damages could be extracted from his carcase.

[cavvy]

Originally Posted by Oldtony

The taxpayers paid for those assetts way back when the Champ Cars first raced here and they were only transferred as a book entry to Gold Coast Motor events.
Surely there should have been some sort of performance clause in the IMG contract that terminated it for failing to deliver? Apparently there wasn't, so you can understand the local concern about the details of entering into a contract with Sports Entertainment Ltd and VESA if it is to be "Commercial in confidence".
And just maybe there are a lot of angry Queenslanders who would like to have hung onto the right to keep pursuing Tony TX for the money plus whatever damages could be extracted from his carcase.

Passed the debt onto IMG to minimise damage. No ongoing flak .. wishful thinking by Anna methinks !