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AVESCO Secures Five Year Shanghai Race Deal


At a meeting this week in Shanghai, the Peoples Republic of China, a Heads of Agreement was signed to stage a V8 Supercar race in Shanghai commencing in 2004 over a five-year period.

The joint announcement was made at an official “Handshake” ceremony that took place between the Chairman of Shanghai Weice Business Company Limited Mr Xuan Guoxiong and AVESCO Chairman Mr Tony Cochrane.

In another coup for the V8 Supercar category all rounds of the V8 Supercar Championship Series will be broadcast on Chinese free to air television commencing in March 2003 for six years.

The first event will take place at a permanent circuit within the city precinct with a full grid of Championship cars being air freighted to Shanghai in two 747 freighters - this represents the biggest uplift ever in the history of Australian sport.

Mr Cochrane said he was extremely proud to see this Australian iconic sport exported to a city of 20 million people and saw it as a major coup for the V8 Supercar Championship, the teams, drivers and Australia.

“This multi million dollar deal follows fourteen months of careful planning and negotiations by AVESCO and represents an outstanding watershed in the evolution of the V8 Supercar category which is now recognised as the leading touring car category in the world.

Mr Cochrane acknowledged the important role played by the China Development Corporation in helping bring the deal together and in particular it’s Marketing Director Mr Benny Leung.

“I am very excited to find such excellent Chinese partners for this event who share our vision to bring this fantastic sporting icon to the people of China,” said Mr Cochrane.

“There is a warm relationship that exists between the Chinese people and Australians. This is as a great opportunity for Australian companies interested in establishing themselves in China to showcase their presence through sponsorship support of this event and the championship.

“Many of our existing sponsors will take advantage of the opportunity of partnering V8 Supercars into China and this opens the door for any other Australian businesses looking to forge relations in such an important part of the world,” he continued.

“AVESCO will have the opportunity to extend its knowledge base and training capabilities in professional motorsport to the people of Shanghai.

Mr Cochrane and members of the Shanghai project planning committee return to Australia today and a media conference will be held at Brisbane International Airport at 7.00am.
 
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