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March 5^th, 2003

Stay of execution for HRT, but crisis not over

HOLDEN Racing Team has won a temporary, eleventh-hour reprieve from V8 Supercar officials to compete in this weekend’s Grand Prix support races in Melbourne.

But the sport's most powerful franchise still faces exclusion from the series, beginning in Adelaide in a fortnight, if they fail to satisfy administrators of their eligibility.

HRT faced expulsion from the Grand Prix after managing company TWR Australia’s British parent was placed into receivership, prompting Holden to bail out the local arm.

The Touring Car Entrants Group (TEGA) agreement bans a manufacturer from owning a V8 Supercar team.

It forced the TEGA board into a difficult decision: bend the rules or rob the showcase Grand Prix meeting of its biggest drawcard.

After lengthy teleconferences over the past 48 hours, the five-man board granted HRT clemency, satisfied with a ”preliminary position statement” received from Holden.

Holden last week said it was forced into the deal, to secure the future of the team and its staff.

But HRT’s only salvation now appears to be a shotgun sale of the company before Adelaide’s season-opening Clipsal 500.  Buyers are being sought.

TEGA has involved its legal team, and both parties will continue to meet this weekend.

"The board will seek certain undertakings and further information from Holden to enable them to clarify the situation and make a final decision on the matter," TEGA said in a statement released yesterday.

“Strict timeframes are being applied to the further consideration of this matter and to the obtaining of the requisite information.”

Despite reports to the contrary, the Kmart Racing Team and Team Brock, both managed by TWR Australia, are unaffected.