6 September 2001
AVESCO COMMENCES PROCEEDINGS AGAINST CALDER PARK MOTORSPORT PROMOTIONS
AVESCO today announced that it had terminated its Agreement with Calder Park Motorsport Promotions Pty Ltd (CPMSP) and had commenced proceedings against CPMSP to recover the Rights Fee owed to AVESCO in connection with the Shell Championship Series event held at Calder Park in July this year.
AVESCO has commenced proceedings in the District Court of New South Wales, seeking payment of the 2001 Rights Fee together with interest and costs pursuant to its Agreement with CPMSP.
In announcing the commencement of proceedings today, Mr Wayne Cattach of AVESCO said "Our Agreement with Calder Park had been in place for several years. Calder Park has breached its payment obligations and, accordingly, we have terminated the Agreement and commenced proceedings to recover the money owed to us.
"I understand that Bob Jane on behalf of Calder Park has suggested that AVESCO's action has been motivated by a decision to move Shell Championship Series events away from Calder Park. This is not true. AVESCO has commenced proceedings for the sole purpose of recovering the 2001 Rights Fee and other entitlements under the Calder Park Agreement.
"As a consequence the Agreement with Calder Park has been terminated, and AVESCO is not prepared to consider future events at Calder Park at this stage."
It is expected that AVESCO's claim will be listed for directions before the District Court on October 12, 2001.