Lander & Rogers advises RACE on acquisition of Supercars
Leading contemporary law firm Lander & Rogers has advised RACE on its acquisition of Supercars Championship from private equity firm Archer Capital for an undisclosed amount.
The deal, which completed today, is significant news for the industry, signalling the advent of a new era of motor racing in Australia.
"Supercars Championship is one of Australia's biggest sports and a recognised leader in motorsports entertainment," said Lander & Rogers lead Corporate partner Peter Monk. "Its new owners will bring unique expertise across motor racing, sports media, digital marketing and major events to further enhance the total experience for fans."
Acquirer, Racing Australia Consolidated Enterprises Ltd (RACE), is a newly formed consortium of motorsports and related industry players. Led by entrepreneur, Barclay Nettlefold, the consortium includes the Australian Racing Group (ARG), motor racing great Mark Skaife advisory firm Henslow and a host of media, sports and entertainment investors.
Lander & Rogers led buy-side structuring, legal due diligence and transaction advice, with the multi-party deal involving numerous moving parts well beyond the transaction itself. The firm played an integral part in the design and establishment of the RACE entity architecture to support the consortium's vision and the needs of the various stakeholder groups, including the Supercars motor racing teams.
"Providing counsel on structuring from the outset means RACE has the framework to support its vision to usher in a new era in Australia's motor racing industry," said Lander & Rogers Special Counsel, Daniel Hickman, who formed part of RACE's core legal advisory team.
According to Mr Monk, Lander & Rogers also negotiated the going forward racing charters with the Supercars teams, advised on RACE governance arrangements, and supported the bid by advising RACE on the underlying capital and debt funding for the acquisition, in addition to running point on transaction documentation for the acquirer.
"The matter, dubbed 'Project Podium', drew on the experience of many of our lawyers, including our leading sports practice, and is testament to our capability in meeting RACE's diverse needs," said Mr Monk.
Mr Monk remarked the firm has a longstanding relationship with the parties behind the acquisition "and it's been a privilege to help our clients realise another step in their journey to change the face of motorsports events in this country."
Mr Nettlefold commended Lander & Rogers on its involvement in the deal, not only acknowledging the value of the firm's legal expertise but the commerciality of its advice. "Lander & Rogers provided us with practical and commercial legal advice on what was a highly complex deal, helping the RACE consortium to proceed with confidence in our acquisition of Supercars. Peter, Dan and the Landers team have been with us every inch of the way."