So was Skaife forced out by TW ?
AUSTRALIAN motor racing legend Mark Skaife, living with his family in a rented three-bedroom flat in Melbourne, is facing financial ruin.
In one of the saddest stories in Australian sport, five-time Bathurst winner Skaife will walk away from his glittering 21-year touring-car career at Oran Park in Sydney this weekend in danger of losing his business empire.
An investigation by The Courier-Mail has uncovered details of a series of business transactions that have left Skaife's company, Skaife Sports, owing Scottish racing magnate Tom Walkinshaw $3.6 million.
Had he not faced such immense business debts as owner of the Holden Racing Team he might not have quit as a driver at the age of 42.
Documents obtained from the Australian Securities and Investments Commission reveal the Holden icon risks losing all his Skaife Sports assets, including one of the country's greatest sporting brands HRT, if he defaults on the multimillion-dollar loan to Walkinshaw.
Skaife, who won his first Bathurst in 1991, rose rapidly to the peak of the sport.
Hugely popular, the Melbourne-born driver is known for his aggression on the track and outspoken attitude off it.
"It's a sad situation," a source close to Skaife said. "He doesn't deserve this."
Skaife last year sold his family home in the exclusive Melbourne suburb of Toorak about the time he traded "debt for equity" with one of Walkinshaw's Australian-based companies, Real Racing.
Skaife and Walkinshaw agreed on a deal that would see 50 per cent of Skaife Sports transferred to Real Racing in exchange for debt relief.
Walkinshaw, himself a successful touring car driver and former owner of HRT, then obtained 1,750,000 shares in Skaife's company.
Walkinshaw Performance, formerly Holden Motorsport, is contracted to provide race services to HRT.
"Under the arrangement with Holden Motorsport, prior to Walkinshaw owning the business, the team received favourable costing and monthly bills for all the services required to run a race team," the source said.
"But the accounting systems changed under Walkinshaw and Skaife Sports found itself in massive debt. Instead of monthly costings he got a yearly bill which took him by surprise and he could not pay it."
A 47-page contract between Skaife Sports and Walkinshaw Performance was then drawn up to address a "shortfall" relating to a $3.6 million debt.
The document shows that Skaife is at risk of losing Skaife Sports and control of HRT if the terms of the loan agreement are not met.
It is also alleged that Skaife's dire position was contributed to by his major sponsor, Holden Special Vehicles ? also owned by Walkinshaw ? not paying the sponsorship amount for two years.
The pressures on Skaife grew to the point where he is now renting a flat with his wife Toni and daughters Mia, 2, and Tilly, 1. He also has a son, Mitch, from a previous relationship.
Walkinshaw has dismissed any suggestion his financial arrangements with Skaife led to him quitting the sport.
Walkinshaw said in London yesterday he had no issue with the driver and as far as he was aware Skaife just wanted to step aside for a younger competitor.
"Skaife retired," Walkinshaw said. "He announced his retirement six weeks ago."
According to the millionaire HRT co-owner, Skaife's debts pre-date Walkinshaw's involvement with the team.
"His debt goes back to money he owed Holden five years ago, so it has nothing to do with me," he said.
So could Ross actually be right?
will we see a comeback for Skaife or will he be content to become a commentator (probably on 6 figures)
Whatever we need rid of this grub walkinshaw.