VAILO was yesterday placed into receivership as the result of an apparent default on repayments to National Australia Bank, according to the Adelaide Advertiser.

Advisory firm KordaMentha has been appointed to take control of the company’s assets in a bid to have the debt repaid.

VAILO took on naming rights for the Adelaide 500 when the event returned from hiatus in 2022 on a three-year deal, reportedly with a two-year extension option.

The event was already set to undergo a rebrand this year with ‘500’ giving way to ‘Grand Final’ as part of Supercars’ move to a Finals system.

Event organisers confirmed to Speedcafe that the relationship with VAILO is now finished and a search for a replacement is already underway.

‘VAILO’s sponsorship of the Adelaide 500 has already concluded,” confirmed an event spokesperson.

“The South Australian Motor Sport Board are progressing arrangements for future sponsorship of the Adelaide 500.”

Adelaide’s Seven News reported on Thursday night that the search has involved reaching out to Drakes Supermarkets chain boss John-Paul Drake, a noted race fan and competitor.

VAILO’s receivership status is the latest in a series of sagas involving the company and its founder Aaron Hickmann, 36.

Hickmann’s offices in both South Australia and Queensland were raided by the Australian Federal Police and Australian Tax Office on the eve of last year’s race.

The businessman had at that time been close to a deal to buy into Supercars squad Brad Jones Racing, with an announcement expected as soon as that week.

Last year’s event marked the 25th anniversary running of the Adelaide 500, which started under the Sensational Adelaide 500 banner in 1999.

Clipsal took over naming rights for the second event in a relationship that lasted 18 years.

There was no naming rights sponsor in 2018 before a two-year spell with local internet company Superloop as the backer was followed by the event’s brief hiatus.

VAILO, a technology company specialising in the manufacturer of LED lights and digital displays for outdoor events, was signed up when the ‘500 returned in 2022.

The company’s technology was showcased at the event via big screens around the circuit, including ‘cube’ displays with screens on all four sides.