Skaife facing financial ruin and living in a rented flat - Page 4

Falc'man · 02-12-2008, 01:22 AM

oh pleeaase....someone pass me a tissue.

Quote:

Originally Posted by Dazza XL

My bad, link already posted.

Ah well....

Skaife's reported ruin 'rubbish,' says manager
http://www.theage.com.au/news/sport/...979909479.html
Scott Spits
December 1, 2008 - 2:12PM

The manager of Mark Skaife has described as "absolute rubbish" reports that the retiring motor racing champion is facing financial ruin.

Skaife's manager, former AFL footballer Craig Kelly, said the five-time Bathurst winner was happily living in a rented house with his wife and three children after selling his Toorak mansion last year.

"It that's a rented flat, then there should be three families living in it," Kelly said, stressing that the 41-year-old was not in financial trouble despite allegations of a bitter business dispute with Scottish racing magnate Tom Walkinshaw.

Kelly said he was "very disappointed and angry" that such reports would be "rolled out" before the final race of Skaife's V8 Supercars career at Sydney's Oran Park this weekend.

Reports claimed the Holden driver could lose all of the assets in his own company, Skaife Sports, because of a $3.6 million loan to Walkinshaw.

If Skaife defaults on the loan, the losses could include the Holden Racing Team (HRT), one of the most famous and lucrative brands in Australian sport, according to the reports.

Kelly said Skaife had made many sound commercial choices throughout his career and the motor sport champion had decided to sell his Toorak mansion last year 'for a host of reasons'.

"He didn't want to buy a new property at the time because he didn't want to buy in at the top of the market," Kelly said.

According to media reports, Australian Securities and Investment Commission (ASIC) documents show Skaife sold the mansion about the same time he traded "debt for equity" with one of Walkinshaw's Australian firms, Real Racing.

Walkinshaw, who once owned the HRT, bought half of Skaife Sport in September last year in a deal that was reportedly struck to relieve debt the company owed to another of Walkinshaw's companies, Walkinshaw performance.

Under an agreement with Holden Motorsport, Walkinshaw Performance supplies racing services including engines, engineering and paint to HRT.

Walkinshaw denied allegations that price rises from his company had forced Skaife into a financial corner, saying a sponsor had defaulted on Skaife.

with AAP

Quote:

Originally Posted by zigzagnt

guess who just bought HRT

http://www.v8dailydump.com.au/news/a...EWSITEMID=7287

LOL at this thread, all the sentimental comments even after these two posts?

The whole thing had shonkiness written all over it from the start, and all that is now unfolding was also planned from the start.

This "Debt" that Skaifey apparently has makes it easier for everyone to accept him handing everything back to tw... which, coincidentally happens to be at the end of Skaifes career?????????????????????

I would be very NOT surprised if he makes a comeback to the CC in the not too distant future... more "HEADLINES" for Holden, Skaife and whoever else is involved in this sham.

mongoloid · 02-12-2008, 02:54 AM

I feel sorry for the guy but I dont ever want to see him in a ford. I Supported almost all of the holden drivers who have come over to ford, but it wouldent matter if he was in a ford i would still want him to lose.

deesun · 02-12-2008, 08:00 AM

On the news this morning, Skaife has given up his share of the HRT to clear his debts to Mr W. Now any cinic will say that this is what was planned 2 or 3 years ago when the deal was struck. WTF we hear about it all splashed over the papers one day and then the next day its all sorted? Pfttt. Skafes money was NEVER in there to start with. Bet he is in a new mansion not too far away within 6 months.

blueoval · 02-12-2008, 10:11 AM

Quote:

Originally Posted by deesun

On the news this morning, Skaife has given up his share of the HRT to clear his debts to Mr W. Now any cinic will say that this is what was planned 2 or 3 years ago when the deal was struck. WTF we hear about it all splashed over the papers one day and then the next day its all sorted? Pfttt. Skafes money was NEVER in there to start with. Bet he is in a new mansion not too far away within 6 months.

You know, I agree mate. Ever since the fiasco of who owns what, I reckon Skaife was ****ingshaws puppet to make it all look legit 'on paper' when everyone knows full well who owns what. Talk about bringing the sport into disrepute.

whales · 02-12-2008, 10:16 AM

I was under the impression that no one could own 2 teams. If this is correct how can Walkinshaw own the HRT and HSV teams.

Please correct me if I'm wrong

Cheers

4Vman · 02-12-2008, 10:19 AM

Quote:

Originally Posted by whales

I was under the impression that no one could own 2 teams. If this is correct how can Walkinshaw own the HRT and HSV teams.

Please correct me if I'm wrong

Cheers

The Kelly's own the HSVDT.

All i can say is this is one BIG, complicated, ugly legal mess....
And the cards are all unfolding nicely in sequence.
Unfortunatly i think Skaife is the looser of this "smoke and mirrors" act.

InSinR8 · 02-12-2008, 11:44 AM

Just had to share this....

blueoval · 02-12-2008, 11:50 AM

Quote:

Originally Posted by InSinR8

Just had to share this....

^^^^^ GOLD

axeray · 02-12-2008, 11:54 AM

I've just heard about this.

What a shame

JC · 02-12-2008, 01:33 PM

Quote:

Originally Posted by deesun

On the news this morning, Skaife has given up his share of the HRT to clear his debts to Mr W. Now any cinic will say that this is what was planned 2 or 3 years ago when the deal was struck. WTF we hear about it all splashed over the papers one day and then the next day its all sorted? Pfttt. Skafes money was NEVER in there to start with. Bet he is in a new mansion not too far away within 6 months.

I agree. Sounds like a scam to me. Walkinshaw goes broke, declared unfit to hold V8 supercar licence, sells HRT to skaife for $1. Fast forward to 2008, Skaife makes noises about being broke (owes to Walkinshaw - WTF??, he's broke!!), so sells Walkinshaw 1/2 of HRT to keep afloat. 6 months later Skaife further claims he's broke, so sells other 1/2 of HRT to Walkinshaw to cover debt to Walkinshaw. Sounds like they orchestrated this so that TW could walk away from V8s for a while, Skaife runs the team until he retires than TW walks back in to "save the day", al the while seeming to abide by V8Supercras decision to keep Tom out.

What a crock of sh__.

Yaw · 02-12-2008, 06:42 PM

I've been dying to put my two cents worth in here all day, so I have scanned the 4 pages plus quickly before I put this up.
My opinion is this is all too convienent, remember the inquiry with tega asking for skaife to prove ownership? It has been engineered this way to show poor skaifey...boo hoo, it was NEVER skaifes team, it was an eloborate rouse pulled over tega's and the V8 supercars fans eyes, suddenly when mark retires, he is able to get out of debt by handing it back to Walkingshaw, I would not be suprised to see the exact same thing happen to the other fake front owners, Todd and Rick Kelly's parents, Once again it is walkingshaw and always has been.
NO SYMPATHY NEEDED, its all a big lie and Both teams should have been disqualifed months ago for having the same owner!!!!

:

Sprint347 · 02-12-2008, 06:52 PM

Quote:

Originally Posted by Yaw

I've been dying to put my two cents worth in here all day, so I have scanned the 4 pages plus quickly before I put this up.
My opinion is this is all too convienent, remember the inquiry with tega asking for skaife to prove ownership? It has been engineered this way to show poor skaifey...boo hoo, it was NEVER skaifes team, it was an eloborate rouse pulled over tega's and the V8 supercars fans eyes, suddenly when mark retires, he is able to get out of debt by handing it back to Walkingshaw, I would not be suprised to see the exact same thing happen to the other fake front owners, Todd and Rick Kelly's parents, Once again it is walkingshaw and always has been.
NO SYMPATHY NEEDED, its all a big lie and Both teams should have been disqualifed months ago for having the same owner!!!!

:

That's quite a claim, do you have any factual evidence?

4Vman · 02-12-2008, 06:53 PM

Quote:

Originally Posted by nitrane

That's quite a claim, do you have any factual evidence?

I think he's pretty close to the mark actually....

Sprint347 · 02-12-2008, 07:08 PM

Quote:

Originally Posted by 4Vman

I think he's pretty close to the mark actually....

I'm not saying he's wrong, but there seems to be quite alot of theories with little actual evidence to support them

**Full Noise** · 02-12-2008, 07:19 PM

Quote:

Originally Posted by nitrane

I'm not saying he's wrong, but there seems to be quite alot of theories with little actual evidence to support them

Give it time. Evidence will surface and the truth will eventually come out.

JC · 02-12-2008, 07:21 PM

Quote:

Originally Posted by nitrane

I'm not saying he's wrong, but there seems to be quite alot of theories with little actual evidence to support them

The evidence is what has been reported in the news over the last few days. Do you think TW is such a nice bloke that he'd just take over a team riddled with debt? No way - he's been broke once, and probably didn't like it, so there's no way he'd head that way again. Based on the phoniness of the original deal, together with events of the last few days, I'd say we're adding up 2 and 2 and getting a very convincing 4.

If you have proof of anything else, please share it, but until I see proof that Skaife actually paid real money for the team in the first place, this is all just one big ruse as far as I am concerned. No-one is has been harmed or is a the loser in all of this, except Skaife's reputation maybe a bit tarnished (or maybe enhanced - he certainly seems to evoked some sympathy from the red sheep; oops, fans). V8Supercars/TEGA have egg on their face for looking like a bunch of gullible twits (like I said, no-one has been harmed).

bingoTE50 · 02-12-2008, 09:34 PM

I agree with you JC. I don't think Skaife has lost anything , he never had his dough in to start with IMO . Cochrane has probably known all along about the ownerships but had to appease everyone else.
Skaife will stay in the sport I reckon with a comeback of sorts.

**Silver Ghia** · 02-12-2008, 10:08 PM

Yes, agree it now looks very much like a big ruse. My bet is that V8 SC's will accept the supposedly new ownership and all will be pushed under the carpet. How can they not? Would be interesting if they didnt accept the 'changed' ownership however.

Wally · 03-12-2008, 08:09 AM

Never let the facts.............

Quote:

"It should be a time of celebration rather than having to put out bushfires," Skaife's manager Kelly said, adding that Skaife and Walkinshaw had been working through the debt problems "for months and months". But Kelly did take exception to further details in the newspapers that Skaife had sold a mansion in Melbourne's fashionable suburb of Toorak to move into a rented three-bedroom flat.

"Mark and (wife) Toni sold their apartment - not a house - in Toorak some six to eight months ago. That was a commercial decision based on the current market at the time and a very good one for Mark," Kelly said.

"To put in the rubbish that he's on his backside living in a dog box at the side of the road is not the case."

In Holden's statement, Skaife said: "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".

Walkinshaw said he welcomed the deal, and he and Skaife looked forward to "an exciting future for HRT".

blueoval · 03-12-2008, 09:59 AM

I reckon we should put this little issue for HRT behind us. Us ford fans have a much more important issue to deal with, and thats cheering Jamie Whincup at Oran Park this weekend to win his first V8SC championship for T8 and Ford!!!!

EgoFG · 03-12-2008, 10:07 AM

Quote:

Originally Posted by nitrane

I'm not saying he's wrong, but there seems to be quite alot of theories with little actual evidence to support them

And here is another ....

Vesa had indicated that they could not allow TW to own a team given his Arrows debarcle.

Skaiffe is a vassal owner of HRT, with the real power, and financial (though not legal) ownership resting with TW.

Problem how do they get HRT back to tommie ?
Vesa would never allow a 'purchase' (or hand back)

Soln:
Get 50% ownership by pressing Vesa to accept TW as a non controlling party (I honestly thought the % for this was way less than 50% - either 20 or 30 ... but hey TW likes to 'test the boundaries')
This is done by implying it is the only financial option for SkaiffeSports.

How do we get the other 50% accross - why not try the same trick.
Vesa has already weakened, and allowed 50% to be seen as not a 'controlling' interest.

Now, Leak some rumours based on 2year old news (that is when Skaiffe sold his house isn't it ?).
These rumours bring sympathy to Skaiffe, and people wanting a viable soln for him.
Whoops the public reaction was more than we thought better stop playing that card, and get the other 50% over to TW 'ex post haste'.

Problem solved.
Give Skaiffe a 'say' in HRT, and use him as a 'hood ornament' to keep him quiet and happy.

axeray · 03-12-2008, 10:51 AM

It will be interesting to see how this pans out after a bit of time.

The G6ET Spot · 03-12-2008, 06:10 PM

This latest saga just shows what HRT has been all along and that is a big SHAM.

damir05 · 03-12-2008, 06:49 PM

lol i hope hes broke for real never liked him, expecially that nose of his everytime i see it wish i could punch it

Steve · 03-12-2008, 07:34 PM

What a load of total rubbish. Skaife isn't in any financial trouble because he was just an HRT figurehead all along. The official statement made said he'll be walking away without any debt or financial liability. I'd say that's because he never had any financial interest in HRT to begin with.

Having said that, financial ruin isn't something you'd wish on someone lightly. Despite what we might think of him as a racer, like everyone else, he's entitled to his success. Provided he hasn't gained his wealth inappropriately, he's entitled to his success.

zak88 · 03-12-2008, 07:44 PM

skaify is not broke. He is working for HRT and earmning higher salaries than you and I.

burnz · 03-12-2008, 08:03 PM

Quote:

Originally Posted by zak88

skaify is not broke. He is working for HRT and earmning higher salaries than you and I.

yep he is
ACN 003 106 867 REGD SKAIFE RACING PTY LTD
ACN 002 098 151 REGD SKAIFE ENTERPRISES PTY LTD
ACN 000 486 411 REGD SKAIFE HOLDINGS PTY LIMITED
ACN 104 850 937 REGD SKAIFE INVESTMENTS PTY LIMITED
ACN 104 515 960 REGD SKAIFE SPORTS PTY LTD
ACN 001 952 610 REGD SKAIFE DRIVE-ABILITY PTY LIMITED
ACN 101 046 342 DRGD SKAIFE FAMILY HOLDINGS PTY LTD

Wally · 04-12-2008, 01:09 PM

Well he's on ABC news as I type and he is now debt free, having converted the debt owing to Walkinshaw into equity.

Bossxr8 · 05-12-2008, 07:56 PM

Quote:

Originally Posted by Wally

Well he's on ABC news as I type and he is now debt free, having converted the debt owing to Walkinshaw into equity.

You are a deadset Wally, haven't you read the posts before you. He was never in debt. Right from the start it was widely known that Skaife didn't own HRT, it was just a cover because TW wasn't allowed to. This has been common knowledge for years. If you seriously believe the story you are a clown. Its a total scam so that TW can worm his way back into HRT ownership officially, even though he never stopped owning it, it was just put in Skaife's name so that it didn't look like TW owned it. Just like a shoddy businessman putting his assets in someone else's name so they don't get taken by the authorities when they go bust.

No sympathy for Skaife, he's got more money than 99% of us will ever see.