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Skaife bankrupt?!!! 

 

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 Post subject: Skaife bankrupt?!!!
Posted: Mon Dec 01, 2008 12:55 pm 
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MOTOR racing great Mark Skaife is living in a rented flat and facing financial ruin after a series of deals has left him owing millions.

The four-time Bathurst champion will end his 25-year career at Sydney's Oran Park circuit on Sunday.

But instead of finishing at the top, the champion has sold his Toorak mansion and moved into a nearby flat with his wife and children amid a bitter business dispute.

A Herald Sun investigation has uncovered details of business transactions that have left Skaife's firm -Skaife Sports - owing Scottish racing magnate Tom Walkinshaw a staggering $3.6 million.

Had he not faced such immense business pressures as the owner of Holden Racing Team he may not have quit as a driver at the age of 42.

Documents from the Australian Securities and Investments Commission reveal the Holden great risks losing all his Skaife Sports assets, including one of the country's greatest sporting brands, HRT, should he default on the multi-million-dollar loan.

"It's a sad situation," said a source close to Skaife. "He doesn't deserve this."

Skaife sold his family home in Toorak last year at about the time he traded "debt for equity" with one of Walkinshaw's Australian-based companies, Real Racing.

Walkinshaw - a former touring car driver and former owner of HRT - acquired 50 per cent of Skaife Sport in September last year when he obtained 1.75 million shares in the company registered to Skaife in Erina, NSW.

But he has denied his financial arrangements with Skaife led to the champion driver quitting.

Walkinshaw said at the weekend he had no issue with Skaife and believed he just wanted to step aside for a younger competitor.

"Skaife retired," Walkinshaw said. "He announced his retirement six weeks ago."

The Herald Sun has been told the deal was struck to relieve debt owed to Walkinshaw Performance through Walkinshaw's interest in Holden Motorsport.

Walkinshaw Performance, through Holden Motor Sport, is contracted to provide race team services to HRT, including engines, engineering and paint.

"Skaife Sports had a services agreement with Holden Motorsport when Skaife bought HRT for a rumoured $3.5 million when Walkinshaw went bankrupt in 2003," said a source close to Skaife.

"Everything was fine until Walkinshaw took control of Holden Motorsport in 2006."

It's believed prices rose under Walkinshaw, contributing to the Skaife Sports debt, but Walkinshaw denied there were price rises or hidden penalties in the contracts.

"That's a complete load of rubbish," he said.

"The prices Skaife was charged were exactly the same prices as Holden were charging before.

"He signed the contracts and all the renewal of the contracts. It's not our fault that one of his major sponsors has defaulted on him."

Skaife has been putting his wage as one of the country's most popular V8 Supercars drivers into Skaife Sports as he tries to service the debt and hold on to the race team.



http://www.news.com.au/heraldsun/sto...-11088,00.html

You wonder where exactly this leaves the HRT teams


as much as we all hate te guy it is sad to see him in this state

 

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Posted: Mon Dec 01, 2008 1:27 pm 
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 Post subject: Re: Skaife bankrupt?!!!
Posted: Mon Dec 01, 2008 1:30 pm 
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Disco Frank wrote:
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as much as we all hate te guy it is sad to see him in this state

I agree never liked the man on tv but u never know he could be a nice bloke in person (highly Unlikely) but yes its ashame to see someone go like that.

 

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Posted: Mon Dec 01, 2008 6:31 pm 
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yeha i heard on the radio this morning he ows 3.2 million,
he's got such a well known face surely he can earn money someway, advertising and endorsing etc.

most of us only hate him because he drove for holden, he's got a family so i feel sorry for him

 

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Posted: Mon Dec 01, 2008 9:18 pm 
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Walkinshaw a*** raped him good. Walkinshaw co owns HRT with Skaife. Walkinshaw also owns his main sponsor HSV. So when the HSV sponsorship money was no longer coming in he couldn't service his debts and was forced out of racing as he aint that much chop of a driver these days.

Tom Walkinshaw reminds me of some seriously shrewd taxi operators out there. People who never maintain their vehicles, severely under declare their incomes by several thousand dollars per year, carry out their duties as taxi drivers in an unethical manner. And to top it all off they cry poor when they get caught out.
You know the type. The ones who have the grubbiest, greasiest cabs that stink like s**t, vomit and whatever else, talk you into paying a set price instead of paying the metered fair and yet these pricks are the ones with 4 or 5 cabs and millions in other assets.
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Posted: Mon Dec 01, 2008 10:51 pm 
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i thimk he come's across as being pretty arrogant.. but after such a great carrer you'd think he desearved better... poor family.. financial ruin is a fast track to depression..

 

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Posted: Mon Dec 01, 2008 11:29 pm 
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One of the truckies that does deliveries to my work, use to go to school with skaife, and he even said he had his nice moments but most of the time was arrogant and full of s**t. He liked to talk himself up and look down to people.
So not much has changed since he was a kid.

 

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Posted: Mon Dec 01, 2008 11:57 pm 
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Well there it is - Walkinshaw has taken full control of HRT in a deal to eliminate Skaife's debt. Didn't he originality sell it for $1?

 

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Posted: Tue Dec 02, 2008 7:34 am 
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Was only a matter of time really
renting a house after owning a mansion
man that'd bite wouldnt it :lol:

 

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Posted: Tue Dec 02, 2008 8:14 am 
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Shows how sponsorship is still up and down in Australian motor sport. This would never happen in USA. He should never have taken on HRT he was a driver not a business man.
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Posted: Tue Dec 02, 2008 3:54 pm 
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Should've left Walkinshaw alone. This will seem one eye'd but ever since that VL monstrocity, I couldn't stand his style and branding. He went bankrupt in 2003, and that's where they should have left him!
Way way overrated in {{{{{{my opinion}}}}}}.
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Posted: Tue Dec 02, 2008 4:03 pm 
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Kit wrote:
Should've left Walkinshaw alone. This will seem one eye'd but ever since that VL monstrocity, I couldn't stand his style and branding. He went bankrupt in 2003, and that's where they should have left him!
Way way overrated in {{{{{{my opinion}}}}}}.


No s**t those Walkinshaw VL's look like a heap of s**t with plastic slapped all over it. I rate cardboard bodykits higher

 

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Posted: Tue Dec 02, 2008 4:56 pm 
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Posted: Tue Dec 02, 2008 5:32 pm 
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Robo wrote:
Shows how sponsorship is still up and down in Australian motor sport. This would never happen in USA. He should never have taken on HRT he was a driver not a business man.


Tell me about it. You can barely qualify in the US and you are in a very good financial position. And their contingency sponsorship plans are a sportsmans dream.

From what I've noticed the oil companies and tire manufacturers are the biggest tight a*** for sponsorship in motorsport. The parts manufactures are the most generous sponsors. All the rest just pitch in a bit here and there and that's it.
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Posted: Wed Dec 03, 2008 1:04 am 
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Sad to see any one have that happen no matter who they are
i hope he can come back from this
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