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The following release has just been issued by Holden Ltd.

Holden has announced plans for five-time touring car titleholder and reigning V8 Supercar champion Mark Skaife to become the sole owner of Holden Racing Team.

The move, which is subject to approval by the Touring Car Entrants Group, will put Australia’s most successful current V8 Supercar driver at the helm of its most successful racing franchise.

Holden and Skaife have reached agreement for a 10-year ownership contract, which follows the five-year contract committing Skaife as a HRT driver until the end of 2006.

Holden bought HRT in late February as part of an emergency buy-out of TWR Australia. The purchase included KMart Racing and an engineering division based at Clayton. At the time, Holden stated its intention to sell the racing teams as soon as possible.

This is a red letter day for the great red team of Australian motor sport. Mark Skaife is the logical choice to lead Holden Racing Team on and off the track and we are delighted to have reached agreement.

Mark boasts a 10-year association with Holden motor sport and this is a clear, natural step in his already significant racing career. This also ensures that one of the biggest jewels in Holden’s crown will receive proper care and attention.

Mark has indicated he wants to see people at HRT doing what they do best. He feels his best driving years are still in front of him, and if we as a team can preserve the essence and culture of HRT, the performance levels of past years can be maintained.

In addition, Kees Weel would remain as the owner of Team Brock.

Holden had always stated its intention to remove itself from ownership and to ensure three stand-alone team structures were created. Holden is looking forward to another sensational season of motor sport and we appreciate your continued support.

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