Skaife facing financial ruin and living in a rented flat

[Falc'man]

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

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

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.