The Australian V8 Supercar competition has announced a $400 million deal selling 60 percent of the motorsport championship's shares to a Sydney private equity firm.
Archer Capital will now take a controlling share of the championship after negotiating the deal with Sports and Entertainment Limited and the V8 Supercar teams.
SEL had held a 25 percent share in the sport with the teams holding the other 75 per cent.
Under the new deal, which is expected to give every license holder four and a half million dollars, the teams will retain a 40 percent share in the sport.
V8 Supercar chairman Tony Cochrane says the new deal, which will see ownership handed to a group called Australian Motor Racing Partners, won't significantly change the day-to-day running of the sport.
