HRT resolve dispute with TEGA

HRT and TEGA have agreed to a financial settlement that will see HRT's licences reinstated, upon signing of a deed of release next week, allowing them to compete in next week's round at Barbagallo Raceway and the remainder of the season.

However, despite the agreement allowing the team to continue racing, TEGA will keep a close eye on the team to make sure it complies with the Team's Licence Agreement (TLA), which is designed to ensure overall fairness and that teams are independent.

Kelvin O'Reilly, TEGA chairman noted: "Conditional upon TEGA's approval of certain agreements, TEGA will be satisfied that the Team will be compliant with the relevant provisions of the TLA in the future.

"The Team will be subject to stringent regular and random checks and disclosure to ensure ongoing compliance with the TLA and could not expect any leniency if breaches are detected.

"It has been an extraordinarily complex issue that has taken a great deal of time to work through and TEGA is satisfied that it has reached a commercial settlement that is in the best interests of the sport, the fans, sponsors and associated stakeholders."

Holden Racing Team owner Mark Skaife was glad the matter has now been resolved: "We at HRT are glad that this situation is being resolved in a positive fashion and we can now fully focus on the business of going motor racing.

"It is unfortunate that this situation has occurred and we look forward to a positive and co-operative relationship between the team and TEGA in the future."