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Opinion | The Newcastle 500 Supercars is not a big deal for everyone, especially for cities, says the Newcastle Partnership.Newcastle Herald

News, Local News, Newcastle, Coffey, Everingham, Supercars, Transactions, Councils, Partnerships, Money

Supercars don’t seem to be a good deal for supercars either. COVID-19 is causing confusion at many events around the world. According to recent reports, supercars are not affected by these issues. Apart from the COVID-19 environment, this event doesn’t seem to be a good business for everyone. Archer Capital, which owns 65% of Supercars Australia, has put its stake on the market. As we are talking, the sale is happening. The Newcastle event is part of the package. Therefore, hesitate to tell people that this event is unlikely to occur, at least in March. A recent poll by Newcastle Partnerships found only 28%, or respondents thought the event was good for the city. Strong Percentage-60% strongly oppose / oppose this statement. Archer Capital has paid $ 137 million for these shares. The supercar claimed it was valued at $ 317 million. Still, Archer Capital is willing to sell it for $ 60 million now. If investors are willing to accept a loss of 50% or more, then one should question whether this event is good for everyone and for the majority of owners. When the Premier of South Australia canned the event last year, it certainly knew it was no longer a bonus for the city. The event was a lot more successful than the Newcastle 500, but the premiere said, “It no longer represents the best return in terms of visits to South Australia and work in South Australia.” Can the city of Newcastle seriously claim that this event is still a good investment for city payers? Before signing the deal with Supercars, the Newcastle Council had to consult with the NSW Audit President’s Performance Audit on the Homebush event. The event was disbanded and moved to Newcastle in 2016 before the options expired. In a press release on June 23, 2010, he said: “The V8 Supercars race at Homebush Bay was well managed that day and the spectators enjoyed it in all reports. Achterstraat continued to raise concerns about the negotiation process.” Sydney Olympic Park in July 2008. Public reports on the government’s principled support for the event at Sydney weakened the position of the government’s negotiations. ”It was ten months later that the government and promoters negotiated an agreement. Negotiate first and announce second-not the other way around. Does it sound familiar? News: The apparent lack of potential to support supercar trading followed this pattern. ACT Government Performance Audit and Audit for the 2002 Canberra Event NZ Audit The 2012 Hamilton event led to the dissolution of both before the contract expired, primarily due to costs. Next is Newcastle. Imminent sales include a supercar contract with the government agency Destination NSW. NSW race calendar. Since Newcastle is not specified, you have the option to run the event on the NSW permanent track. Apparently, the supercar will let us know after the sale is over and within the next two months. It is about time that pre-voting will begin for local elections. What will be interesting in the coming months is probably the newly structured council room, whether you need a supercar. The council will sign a variation of the service certificate to postpone the event and allow it to adopt the five-year option. This time, we can only expect the council to consider this issue important enough for changes to come before the elected councilors. The variation signed to change the event from the final of the annual series to its opening round is council, despite the mayor’s expectation that “future actions will be shared with me and all councilors.” I didn’t come before the meeting. In such a checkered history (please forgive puns), how many clients are simply transferred for imminent sales, or rethink the true cost to clients who are still “racing” to host the event. Will you be given the opportunity to do it? Profit analysis? Thanks to the Newcastle Partnership poll, it doesn’t seem necessary to ask Newcastle LGA payers if they think racing is a good business. Now you don’t even have to ask Archer Capital. It seems to be an increasingly unpopular event for investors as well. Whether they are shareholders or hosts. Maybe this race is like stroking a dead horse-or an outdated V8 horsepower. You’ll know over time. Our journalists are working hard to bring the latest local news to the community. To continue to access trusted content:

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Opinion | The Newcastle 500 Supercars is not a big deal for everyone, especially for cities, says the Newcastle Partnership.Newcastle Herald

Source link Opinion | The Newcastle 500 Supercars is not a big deal for everyone, especially for cities, says the Newcastle Partnership.Newcastle Herald

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