TKR folding?

[dadem0n]

Does anyone know whats happening with Team Kiwi Racing? :bawl:




Radisich Terminates Contract with TKR 5/6/07



My brother in law said on the news in New Zealand tonight that they are saying Radisich has walked out, FPR have pulled support from the team and it looks like the doors have closed?

Can anyone confirm or deny the rumours? :confused:

[HSVDKB]

Yes, thats whats on the news tonight. FPR are claiming TKR owes them $259k and have impounded the car. The rat is claiming TKR has breached his contract and has left the team.

Things seems very messy and sounds like the end of TKR

[matthewfnorbert]

how do you get a kiwi started in a small business? give him a big business and 6 months!!

[HSVDKB]

how do you get a kiwi started in a small business? give him a big business and 6 months!!

You have outwitted yourself, TKR owner David John is an Aussie

[hqracer]

how do you get a kiwi started in a small business? give him a big business and 6 months!!

And lets see you do something better... :flipoff:

Give the guys some credit. He is a real battler. This wont be the end im sure.

[andrewslr]

And I also heard today from a good source that :


PWR sale might fall over
DJR has been sold
PCR is struggling


I suppose we'll have to stay tuned

Andrew

[HSVDKB]

From Stuff.co.nz website today:

"Kiwi V8 boss will open books to doubters
NZPA | Wednesday, 6 June 2007

Embattled Team Kiwi Racing principal David John says he is willing to open his accounts to anyone doubting his claims that the team does not owe any money to Ford Performance Racing (FPR).

John also said today he was continuing to work on getting a car on to the startline of this weekend's round of the Australian V8 Supercar championship at Eastern Creek despite having no confirmed driver or car yet.

Driver Paul Radisich yesterday quit John's one-car team following the team's fallout with FPR that ran the car on behalf of TKR.

"TKR is in breach of contract and I have therefore terminated my contract with immediate effect," Radisich said in a statement yesterday without further comment.

However, John told Radio Sport today that he maintains he does not owe any money to FPR.

"I'm ready to open my books," he said.

The matter was in the hands of lawyers but he was looking at preparing another car with another driver to take the start line at Eastern Creek.

Under the series rules, TKR face a $A150,000 ($NZ169,491) fine if they do not turn up at a round with a viable race car and under a "two strikes and you are out" policy, lose their licence if they miss a second round.

TKR have been in a financial bind since last year's Bathurst 1000 when Radisich was injured and wrote off the team's Holden Commodore in a 200kph crash into a tyre wall.

FPR said on Monday it had terminated its contract because TKR had failed to meet its obligations"

[hqracer]

obviously mr johns has nothing to hide, so who is playing silly buggers I wonder???

[Goggles]

at least this takes the focus off the HRT licence saga.

[Cobalt]

And I also heard today from a good source that :

PWR sale might fall over
Andrew

I will call Calvin (Marketing Manager for no limit) tomorrow and see if their is any validity to this comment...

They were due to take over 5 days ago.

Doubt they would pull out now.... They have been talking about buying a team for years.....

Cheers

Chad

[HSVDKB]

Latest from stuff.co.nz - Things pretty bleak for TKR now

Team Kiwi withdraw from latest V8 round
NZPA | Friday, 8 June 2007


New Zealand's embattled V8 Supercars series entrant Team Kiwi Racing (TKR) have lost a frantic bid to have a leased car ready for the latest competition round in Sydney.

In another body blow for the struggling motorsport operation, TKR has been fined the mandatory $A150,000 ($NZ170,000) for failing to enter the Eastern Creek leg after being unable to get their car up to standard.

TKR principal David John confirmed the leased BA Ford Falcon could not be fully upgraded to comply with V8 Supercar specifications despite mechanics and support crew working through the night.

"It was always going to be a massive task, and the reality is we're just out of time. We're not going to make scrutineering," John told Radio Sport.

He said work would continue on the Falcon in a bid to ensure it was ready for the next round of the competition at Darwin on June 22-24.

Should TKR not be able to front for that round they risk having their competition licence revoked.

TKR was forced to lease a car at late notice after Ford Performance Racing cancelled their engineering contract last week due to a dispute over money.

TKR's regular driver Paul Radisich also quit this week leading to speculation over who will be at the wheel if and when the upgrade is complete.

John said he has a driver ready to step in but would not reveal his identity.

TKR Racing are 10th on the championship points table after four rounds of the 13-round competition but will lose ground this weekend.

[dadem0n]

Damn :vpo:

[HSVDKB]

Latest TKR report

No fine for Team Kiwi Racing

Australian V8 Supercar motor racing series officials have decided not to fine Team Kiwi Racing (TKR) for not putting a car on the grid at last weekend's Eastern Creek round.

The board of the Touring Cars Entrants Group of Australia (Tega), the controlling body of the series, has also told TKR principal David John that the team have been given further dispensation to not attend the next round in Darwin.

Under the rules, the organisers can withdraw the license of a team that misses a second round of the series.

A relieved John told NZPA today that he was told of the decisions by Tega general manager Kelvin O'Reilly by telephone this morning.

John said Tega had taken into account the extraordinary circumstances surrounding TKR's absence.

After engineering partners Ford Performance Racing terminated their contract with TKR last week, and put the team's car in storage, John had unsuccessfully tried to get an alternate car on to the startline at Eastern Creek, near Sydney.

FPR ended the contract, saying they were owed thousands of dollars, a claim John strongly denies.

Driver Paul Radisich also dealt TKR a blow by walking out on the team in the wake of FPR's action.

John met Tega board members last Sunday to argue for a reduced fine because of extenuating circumstances.

"We are really relieved that we are not going to be fined the $A150,000 and (to know) that there are people prepared to work through the current situation rather than slam the book on us," John said.

Tega obviously saw TKR as being important to their series and wanted to work with them to get a competitive car back on the track as soon as possible, he added.

"They obviously know we tried everything we could to get a car on the track, so it was not a matter of not wanting to be there, but a matter of us turning up with a competitive package."

That was the reason behind Tega also suggesting it was "not in anyone's best interests to push us on to the track at Darwin (next week)".

"... and we won't lose our license - the reason is to make sure we come out firing on all eight cylinders ... instead (fielding) an uncompetitive package just for the sake of us being out there."

There was no time to celebrate today's news.

"There's still so much else to cover ... we obviously now need to rebuild our brand and keep moving forward as we rebuild and restructure.

"As the dust settles, the truth is starting to prevail," John said.

The wrangle with FPR was now in the hands of solicitors.

Meanwhile, Jones is negotiating to set up another engineering partnership which he said could be announced next week.

"We have a very exciting future, a great combination with three top drivers that we have the opportunity to have involved - things are looking up for TKR."

TKR aimed to be back racing for the seventh round

[dadem0n]

Thanks for the update! Keep em coming :)