An entirely new Board of directors has been overwhelmingly elected to NZ Vee Eight Entrants Group Ltd, the company representing the interests of NZV8 race car owners.

The previous directors stood down at the company’s AGM on 9th December and did not offer themselves for re-election.

The new Board comprises prominent long-term motor racing identities, Greg Lancaster and Lyall Williamson along with current V8 Challenge Cup Co-ordinator, Stephen Gillard.
They have been charged with:

1. Negotiating a multi-year agreement with V8 SuperTourers for NZV8s to be a major support category for V8 SuperTourers;

2. Ensuring parity between NZV8 cars;

3. Significantly reducing the cost of competing in NZV8s; and

4. Producing a long term category plan for consideration by NZV8 shareholders by 31 May 2013.

New Chairman, Greg Lancaster has spelt out the new Board’s prime aims as a re-emergence of major Tier 1 race meetings and to see NZV8s resume its original role as a high profile, but significantly lower cost, support race category.

The new Board has today concluded an agreement with V8 SuperTourers Ltd that will cement a mutually beneficial relationship which will see NZV8s become a major support category to V8 SuperTourers.

“Concurrently with reaching the agreement with V8 SuperTourers, communication with shareholders is being addressed, commencing with them being canvassed for their views on performance parity and competition costs reduction” said Lancaster.

Lancaster also outlined the exacting deadline for adoption by NZV8 shareholders of a new business plan by the end of May 2013.

He does however, not expect to see significant change on track until the later meetings of 2013 and with the first fruits of the new business plan in 2015. “We are, after all, only three weeks out from the first outing of 2013 at Teretonga” said Lancaster.

As part of the arrangements agreed with V8 SuperTourers today, all VEEGA’s legal proceedings have been resolved with immediate effect.

V8 SuperTourers has thanked the new Board for renewing relations between the two categories. “We look forward to working together for the good of the sport” says V8 Supertourers Managing Director, Mark Petch.

“NZV8 is delighted to have established this rapport with V8 SuperTourers who are leading New Zealand motorsport into a new era” says Lancaster. “The founders of V8 SuperTourers have done a remarkable job to develop their idea from the drawing board to what we see today in only two years and their efforts have dramatically raised the profile of V8 racing in this country. Their efforts have hugely benefitted New Zealand motorsport”.