Mark Skaife facing financial ruin

[Valve Bounce]

Holden V8 racing champion, and 5 times Bathurst winner is facing financial ruin. Hang on!! you'd want to know what the hell this has to do with F1. Guess who he is mixed up with: non other than Tom Walkinshaw. Skaifee was doing very well thank you until he got involved with Walkinshaw; then everything went downhill faster than down conrod straight. ""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."

And here is the link if you have the time to read the entire sad story. http://www.news.com.au/adelaidenow/story/0,22606,24731696-12428,00.html

[45 Below]

A sad read. I guess that explains what seemed like a premature retirement. V8 Supercars is all the poorer without him. I wish him well and hope he can pick up the pieces.

[Valve Bounce]

Think back to Arrows - guess who was involved in that demise.

[truefan72]

yep,

some folks should be banned from being involved in motorsports

[CNR]

lets not forget the part he played in the demise of prost

http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/1847989.stm

A bitter row has broken out between rival Formula One team owners after the assets of the Prost team were bought by a group backed by Arrows boss Tom Walkinshaw.

Walkinshaw would not reveal the identity of the buyer, but the liquidator, Cosme Rogeau, said that it was an organisation called Phoenix Finance, represented by British businessman Charles Nickerson. Rogeau added that the organisation had bought Prost's 2001 and 2002 chassis, and the team's rights under the Concorde Agreement, the document by which F1 is governed.

this is the team that turned up in melbourne and was not allowed to race


good on the kelly's for geting away from him

[Azumanga Davo]

Tom is an utter waste of space. The sooner he is gone from the sport entirely, the better.

[leopard]

Get well Mark S.

[ArrowsFA1]

Mark Skaife has agreed to relinquish ownership of the Holden Racing Team (HRT) under a confidential deal which will clear him of what is understood to be a multi-million dollar debt.
Skaife will give up his interest to international motor racing magnate Tom Walkinshaw, who previously owned the outfit before relinquishing control to Holden when he ran into financial troubles of his own.
The two have agreed that the Scot will assume immediate full ownership of HRT.
The news came the day News Ltd newspapers reported Skaife was facing financial ruin because he owed $3.6 million to Walkinshaw and had been forced to sell his Melbourne house and move into a flat with his family.
Skaife said the discussions with Walkinshaw had been going on for weeks.
The driver's management had earlier denied the 41-year-old had been forced to sell his home because of financial problems.
"Tom and I have been working together on this for several weeks. It's disappointing that our negotiations were inaccurately reported just as we were reaching agreement in the best interests of Holden Racing Team," Skaife said.
http://www.abc.net.au/news/stories/2008/12/01/2434765.htm

[seppefan]

“Tom and I have been working together on this for several weeks," Skaife confirmed, "and it's disappointing that our negotiations were inaccurately reported just as we were reaching agreement in the best interests of Holden Racing Team.”


Pity people always believe what they read, a little research would have prevented you from having egg on your faces.

[Azumanga Davo]

OK, that's fair enough, but technically, Tom shouldn't be running the team, not after the TWR fiasco.

Anyway, it's more a touring car matter now. Best to switch it to the other subforum...

[Valve Bounce]

Mae culpa, mea culpa, mea maxima culpa :(

[Tazio]

Mae culpa, mea culpa, mea maxima culpa :( The Lord is a loving father. You are forgiven my son. :p :