The decision has sparked unrest among the Australian GT paddock who were behind a move for Supercars to run the Tony Quinn-owned series in 2018.
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CAMS CEO Eugene Arocca has issued a statement revealing that Supercars' plan to extend the current CMA by a further three years has ultimately ended the takeover attempt.
“CAMS has been made aware that Supercars and Australian GT Sportscar Pty Ltd are no longer in discussions regarding GTs,” read a statement from CAMS CEO Eugene Arocca.
“It is important to note that CAMS owns the rights to all FIA GT Categories, which includes GT Sprint, GT Endurance and the GT Trophy.
“The commercial rights to manage these categories are subject to a Category Management Agreement (CMA) currently held by Australian GT Sportscar Pty Ltd for each of these classes.
“Under the terms of the current CMAs, which run until the end of 2020, the potential transfer, sale or extension of these rights requires CAMS' approval, given it is a CAMS asset.
“As part of the proposal, we were asked to extend the current CMA for an additional three years under a proposal which CAMS deemed commercially inferior to the current agreement. As the custodians of motor sport in Australia we need to protect the value of our assets and Championships.
“Like all motor sport fans, we want to see GT Sprint, GT Endurance and the GT Trophy class prosper and we will continue to work with all those involved in the category to ensure it continues to deliver exciting and sustainable motor sport and we are firmly focused on this. Planning for 2018 is well underway.
“We believe the GT Sprint, GT Endurance and GT Trophy class have exciting potential and look forward to being a key part of its success into the future.”
Australian GT is expected to announce its 2018 calendar prior to the penultimate round of the Australian Endurance Championship at Hampton Downs next weekend.