Hamilton V8 race under threat

[V8Silverfox]

By NICOLA BOYES - Waikato Times

Hamilton faces losing the V8s if support doesn't improve dramatically, and event organiser Dean Calvert is taking such a financial hit his family home is up for mortgagee auction.

Calvert's $1.69 million home at Whale Bay in Raglan is up for mortgagee auction on April 8, the Hamilton 400 co-organiser saying he could no longer meet mortgage repayments.

Calvert and race director Steve Vuleta are directors of Caleta Streetrace Management which brought the V8s to Hamilton and won the seven-year resource consent to run the event, convincing the Hamilton City Council to fund the $7.95m in infrastructure needed.

Calvert's holding company Deanmc Holdings, owns just over half of the shares in Caleta and his Raglan family home.

Calvert said Caleta had been forced to reassess budgets for the event this year after revenues shrank from $14m to $10m last year.

"We've had to put a lot more back into the business ourselves and we have a lot of contractors and staff to look after so we have taken personal hits to make sure that the company is looked after."

He said all contractors and suppliers had been paid and deposits for this year's event were all up to date but it had been a struggle in the recession.

The first year's event saw corporate sponsors include Ford, Holden, Exide, GT Radials and BP. Last year Holden had a sponsorship package but this year is not involved at all.

"We only have one car-linked company involved this year, HSV. This business is heavily reliant on people attending and corporate and hospitality support but when times are tough those are the first things that get taken from any companies budget."

Vuleta said said it was time for Hamiltonians to step up and support the event if they wanted to keep it in the city.

"Ticket sales are considerably down on where they have been and we need Hamiltonians to get back to supporting the event like they did when the council made the prudent decision to put their hand up for it."

"The event is only safe provided ticket sales increase dramatically. We can't keep taking personal hits like this."

Calvert said losing his family home has looked after the city's interest in the event and he said he is committed to keeping the V8s in Hamilton and returning to run the event next year. Caleta was on target this year, after being caught out last year by building about 10,000 too many grandstand seats which they had to pay for but were not filled, he said.

[V8Silverfox]

Come on Kiwi's, get behind this and buy your tickets!

[V8Silverfox]

maybe the new circuit (Hampton Downs) in between Auckland and Hamilton is the way to go?

[immortality]

maybe the new circuit (Hampton Downs) in between Auckland and Hamilton is the way to go?

i'd imagine that it will become the premier Motorsport location in NZ, which is cool as it should be less then 1hr from my place, just round the corner from Meremere drag strip

[V8Silverfox]

i'd imagine that it will become the premier Motorsport location in NZ, which is cool as it should be less then 1hr from my place, just round the corner from Meremere drag strip

I sure hope so.

[flyjoe180]

It was interesting to see that a few of the V8 Supercar drivers were taking a spin around Hampton Downs to 'try it out' on the news a few nights ago. Murphy sure threw that Sportwagon about.

[minux]

Of course support is down, it is the most boring racing category in Australia. Who wants to watch 30+ identical cars going around a circuit?

The V8's need an overhaul and fast.

[V8Silverfox]

I'll be there this weekend! Can't wait!!!

[flyjoe180]

Well, I for one enjoyed this weekend's racing, albeit on the TV. The V8 Supercars, NZ V8's, Trans-Tasman Ute series, and even the Suzuki Swift series were all entertaining.

[flyjoe180]

Looks as though this race is secure for the time being. New deal replaces Hamilton V8 promoters | Stuff.co.nz