Mark Skaife hits skids with $3.6m debt

[Street Road Laino]

AUSTRALIAN motor racing legend Mark Skaife and his family are living in a rented three bedroom flat less than 1km away their former mansion as he faces financial ruin.

In one of the saddest stories in Australian sport, the five-time Bathurst winner will walk away from his glittering 21-year touring car career at Sydney's Oran Park Raceway this weekend in danger of losing everything.

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

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

Documents obtained from the Australian Security and Investments Commission (ASIC) reveal the Holden icon 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 to Walkinshaw.

Skaife, who won his first Bathurst in 1991, rose rapidly to the peak of the sport in Australia.

Enormously popular with fans and sponsors, the Melbourne-born driver is known for his aggression on the track and his outspoken attitude off it.

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

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

Skaife and Walkinshaw agreed on a deal that would see 50 per cent of Skaife Sports transferred to Real Racing in exchange for debt relief.

Walkinshaw - himself a successful touring car driver and former owner of HRT - then obtained 1,750,000 shares in Skaife's company.

Walkinshaw Performance - formerly Holden Motorsport - is contracted to provide race services to HRT.

"Skaife Sport had a services agreement with Holden Motorsport when Skaife bought HRT," the source said.

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

"Under the arrangement with Holden Motorsport, prior to Walkinshaw owning the business, the team received favourable costing and monthly bills for all the services required to run a race team.

"But the accounting systems changed under Walkinshaw and Skaife Sports found itself in massive debt. Instead of monthly costings he got a yearly bill which took him by surprise and he could not pay it."

http://www.news.com.au/story/0,27574...9-1243,00.html

[Ver Jay Jay]

holly crap!!!

[shinslinger66]

very sad.

[Street Road Laino]

as much as i dislike holden, hopefully everything ends well. Would hate to see one of the big teams wiped out

[Ver Jay Jay]

yeah im the same its sucks big time for him... although couldnt help myself i had to ring trent and tell him rofl

[Street Road Laino]

**** stirrer

[Ver Jay Jay]

**** stirrer

haha i learn from the best

[noetzy]

Skaife's arrogance is one of the main reasons I support Ford in the V8 Supercars.

But this is not good for motorsport in Australia, with so much financial pressure there already, and both manufacturers struggleing financially, it would be sad to see one of the main teams getting wiped out like that.

Also not really an appropriate end to a succesful career for Skaife.

[Ver Jay Jay]

Skaife's arrogance is one of the main reasons I support Ford in the V8 Supercars.

But this is not good for motorsport in Australia, with so much financial pressure there already, and both manufacturers struggleing financially, it would be sad to see one of the main teams getting wiped out like that.

Also not really an appropriate end to a succesful career for Skaife.

exactly how i feel haha i changed over when lowndes did cause there was no way in hell i was going for HRT with skaife in charge....

[Street Road Laino]

you went for HRT, :gtfo:

[HellionXR6T]

as much as i dislike holden, hopefully everything ends well. Would hate to see one of the big teams wiped out

Couldn't have said it better myself. Dislike Holden with a passion but what's happening is fairly scary.

One thing's for sure. Plenty of bogans have their chance for a cheap 'Comm-e-dor' now.

[Street Road Laino]

Couldn't have said it better myself. Dislike Holden with a passion but what's happening is fairly scary.

One thing's for sure. Plenty of bogans have their chance for a cheep 'Comm e door' now.

That just means more easy pickings for us

[Nevermind]

Another Tom Walkinshaw boned driver. Much like Lowndes was back before he jumped. Now Skaifes next on the chopping block (watch out Will Davison).

Skaife only "bought" HRT to get Walkinshaw out of the crap from VESA because he owned two two car teams, which was against the rules and would have been big no no's with susensions and fines everywhere.

Ever since the deal of Skaife buying HRT, its basically been thought between fans that Skaife was only a front for the Walkinshaw puppet, and it seems to show with HRT and the then Toll/HSV team sharing drivers for the endurance rounds.

I bet Walkinshaw has the shivers with Skaife over his poor record of late, and other behind closed doors deals and arguments, that he hit him with a bill he couldn't pay, to flush him down the toilet and away from his "equal" share of the motoracing team.

[Nevermind]

haha, seems all is resolved
http://www.v8dailydump.com.au/news/a...EWSITEMID=7287
http://wwos.ninemsn.com.au/article.aspx?id=676290

very suss.
confidential deal, ie. Skaife gave control of HRT back to Walkinshaw, for about the same price he bought it for. Zip!

Hopefully the governing body of the supercars will grow some balls and tell Tom to piss off from our sport

[DARKLORD]

My feelings are well tough S#!T really as cold as it sounds, after the media stuff this guy has done and the arrogance he displayed, thats racing budy should of picked a better exit time. What about the people who dont have doors on their wooden shacks in other places.
Poor Skaife join the doll queue for all I care. That is such a soft aproach. What about the outing of skylines, the whole V8 thing is a joke. This a MPS forum and really I hope people dont get offended, but really V8 motorsport is like Australian political system.
Lets see cars from all areas perform as well really they all have different areas of excellence or do they. Just loved the top gear episode on the holden - pontiac (I think)
That guy should not have been able to race anyway as far as I can work out the holden racing team did some dodgy stuff and thats why it had to be sold or something about Car dealerships cant actually own the team, any way Im just an OLD bathurst lover when we had all cars on the track. This is not a dig at the post as much as it is about poor old Toorak residence losing a few bucks, What about the unsaids how much did he loose in the stock market??? or is it just racing was not kind to him after all this time.
Tough bickies skaife.

[Nevermind]

It use to be the Holden Dealer Team back in the Brock days, they put an end to that, so they became HRT.

Skaife "bought" it from Tom Walkinshaw a couple years ago, because Tom had fingers in too many pies (owned more one 2 car team) and at the threat of VESA banning HRT from racing, "sold" it to Skaife. Now he just wants it back, as the Kelly's are walking away from Walkinshaw with the Toll HSV team.

[MISSMPS]

I never have understood the Ford vs Holden thing....I love lowndes no matter what he drives...I like Jason Richards...and i've alway liked Skaife..i think his arrogance is what i like about him....I think it's more about the drivers than the cars..i just love guys who know how to handle a car like that

[duglet]

I love girls who love guys who know how to handle a car.

Happy Motoring
duglet

[MISSMPS]

I love girls who love guys who know how to handle a car.

Happy Motoring
duglet

[duglet]

Happy Motoring
duglet