TEGA rejects Holden's solution for HRT

TEGA, the Australian V8 Supercar entrants' group, has rejected a formal application by Holden Ltd to switch its control of Holden Racing Team to General Motors Australia Ltd. TEGA, which has advised Holden that it must find a suitable new owner by June 1 or risk losing its championship licence, is also investigating the ownership of K-Mart Racing and Team Brock

TEGA rejects Holden's solution for HRT

Holden moved swiftly to secure HRT when TWR Australia went into receivership, but TEGA rules prohibit manufacturers from owning teams. TEGA chairman Kelvin O'Reilly said: "Holden have stated that they intend to sell the licences but, at this time, TEGA is not convinced that they are acting in a timely fashion suitable to us to rectify the situations in which they have placed themselves. TEGA's pre-emptive rights to purchase the licences were also denied us through Holden's purchase arrangements with the TWR Group receivers."

TEGA, whose rules also prohibit teams from operating more than four cars, has also launched an investigation into the ownership of K-Mart Racing and Team Brock. It can suspend the licence of any team and bar its owners for two years.

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