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WTF is going on?? DJR sold!!
- Thread starter Joe5619
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The trust I was referring to is that we've heard more rumours from outside of DJR that almost always turn out to be incorrect. Dick and DJR have said to us through Doug and on other occasions that DJR is not for sale.
Dick has made a very good career from this and I reckon he would deeply regret selling the business, if he did that is. He doesent strike me as someone that does the retirement thing like most others in their 60's.
I really can't see Dick or Steve selling the business unless Steve does not want to stay in V8's.
The next owner will be Steve and I figure it will be when Dick and Steve are ready to change.
Its always been a family business and if its so lucreative for others to want to buy in to it, why not keep it for Steve's future.
If there is any teams that ought to be selling out look down in the lower half of the team championship ladder. Should be able to pick up a bargain down there.
Dick has made a very good career from this and I reckon he would deeply regret selling the business, if he did that is. He doesent strike me as someone that does the retirement thing like most others in their 60's.
I really can't see Dick or Steve selling the business unless Steve does not want to stay in V8's.
The next owner will be Steve and I figure it will be when Dick and Steve are ready to change.
Its always been a family business and if its so lucreative for others to want to buy in to it, why not keep it for Steve's future.
If there is any teams that ought to be selling out look down in the lower half of the team championship ladder. Should be able to pick up a bargain down there.
ROB17
Super Moderator
Hi all, just read an article in AA that confirms DJ has sold off FirstRock and V8 Telecom to stay afloat. Settlement date is June 30th. At this point, DJR will receive a nice cash injection however they suggest other parties may invest in DJR as opposed to DJR selling up. It appears DJR want to be a viable business long term which is good news for all of us!
Hardies Hero
New member
I honestly cant see Dick selling up the team, this has been his life from pretty much day dot and is basically all he knows, and im pretty sure knowing the type of guy DJ is that he's not going to leave his family without jobs, lets face it, DJR employs the whole family, Dick, Jill, Steve and Kelly.
Racin Jason
Active member
The info I have is that The Dick Johnson Group still maintains 30% of Firstrock and the money raised from the sale is going back into the team as part of a "back to basics" approach. Firstrock has, in a very short period of time become one of the top ten brokerage/mortgage companies in the country.
The thing we have to remember is that racing is what made DJR what it is, and maybe, just maybe going back in order to go forward is what is required. DJ isn't stupid and he has some good people working for him so I will trust that what they think is right.
Now only if the future of V8Supercars was secure!
The thing we have to remember is that racing is what made DJR what it is, and maybe, just maybe going back in order to go forward is what is required. DJ isn't stupid and he has some good people working for him so I will trust that what they think is right.
Now only if the future of V8Supercars was secure!
Lateset on DJR in todays Courier Mail
Dick Johnson's no quitter
DICK Johnson has told of his struggle to keep his cash-strapped V8 Supercar team afloat after facing its most challenging time to stay in business.
In an exclusive interview, Johnson also fired a shot at the critics, many of whom he says have not shown any compassion in the wake of the financial troubles which have beset the Dick Johnson Racing team.
The most established professional touring car team in Australia has teetered on the brink of collapse but has now undergone internal restructuring and attracted backers to help wipe out some of the accumulated debt.
The team has been in talks with several backers, including a "white knight" who was looking to erase a chunk of the debt.
Johnson has told of sleepless nights over the crisis but of his desire never to give in.
The 62-year-old, who built the team from scratch in the early 1980s, says he has put back much of the money he has accumulated over 40 years in motor racing in order to prevent the team from collapsing.
"I've never been a quitter and I'm not about to start," Johnson said.
The three-time Bathurst winner and five-time Australian Touring Car champion guarantees the team will work its way back to its former glory, but a fix is going to take time.
"It's not the future that's in doubt. Basically it's about taking care of the past or should I say servicing the past," he said.
Johnson would not be specific on the level of debt ? rumoured to be in the millions ? that DJR faces.
"'They (DJR's major sponsor Jim Beam) have been extremely supportive," he said.
Jim Beam came to the rescue of DJR in late December when Johnson's personal companies, FirstRock home loans and V8 Telecom, could no longer fund the team after the collapse in late 2005 of its previous backer, the Westpoint property group.
But Johnson is not after compensation from Westpoint, which left thousands of small investors out of pocket.
"And I tell you what, I wouldn't pursue it for the simple reason I feel sorry for all those people, the private investors, because some of those retirees are more deserving (of compensation) than we are," he said.
Johnson denied that several interested parties, including British team Carlin and Gold Coast property identity John Marshall, had investigated the possibility of buying into DJR but had been scared away once they found the debt the team was carrying.
"There are a lot of people still sniffing," he said.
Johnson said the collapse of Westpoint, which replaced his long-time backer Shell, was not the sole reason DJR had waded into troubled waters.
"It's a combination of a number of things that has put us in this position," he said.
"It probably goes back even further than that.
"It's a very expensive business that we're in and it requires an awful lot of funding, certainly if you want to run at the front."
Dick Johnson's no quitter
DICK Johnson has told of his struggle to keep his cash-strapped V8 Supercar team afloat after facing its most challenging time to stay in business.
In an exclusive interview, Johnson also fired a shot at the critics, many of whom he says have not shown any compassion in the wake of the financial troubles which have beset the Dick Johnson Racing team.
The most established professional touring car team in Australia has teetered on the brink of collapse but has now undergone internal restructuring and attracted backers to help wipe out some of the accumulated debt.
The team has been in talks with several backers, including a "white knight" who was looking to erase a chunk of the debt.
Johnson has told of sleepless nights over the crisis but of his desire never to give in.
The 62-year-old, who built the team from scratch in the early 1980s, says he has put back much of the money he has accumulated over 40 years in motor racing in order to prevent the team from collapsing.
"I've never been a quitter and I'm not about to start," Johnson said.
The three-time Bathurst winner and five-time Australian Touring Car champion guarantees the team will work its way back to its former glory, but a fix is going to take time.
"It's not the future that's in doubt. Basically it's about taking care of the past or should I say servicing the past," he said.
Johnson would not be specific on the level of debt ? rumoured to be in the millions ? that DJR faces.
"'They (DJR's major sponsor Jim Beam) have been extremely supportive," he said.
Jim Beam came to the rescue of DJR in late December when Johnson's personal companies, FirstRock home loans and V8 Telecom, could no longer fund the team after the collapse in late 2005 of its previous backer, the Westpoint property group.
But Johnson is not after compensation from Westpoint, which left thousands of small investors out of pocket.
"And I tell you what, I wouldn't pursue it for the simple reason I feel sorry for all those people, the private investors, because some of those retirees are more deserving (of compensation) than we are," he said.
Johnson denied that several interested parties, including British team Carlin and Gold Coast property identity John Marshall, had investigated the possibility of buying into DJR but had been scared away once they found the debt the team was carrying.
"There are a lot of people still sniffing," he said.
Johnson said the collapse of Westpoint, which replaced his long-time backer Shell, was not the sole reason DJR had waded into troubled waters.
"It's a combination of a number of things that has put us in this position," he said.
"It probably goes back even further than that.
"It's a very expensive business that we're in and it requires an awful lot of funding, certainly if you want to run at the front."
It's tight all round in business just now, despite what the State Government influenced press tells you, there has been a gradual slow down over the last 2 to 3 years with a bigger drop off in the last 6 months.
Although I can't claim to know how Dick feels,I'm doing it tough myself loosing two major contracts to price cutters, and having had to sell off to pay tax, I do wish him well and hope he can tough it out until the next upward cycle. There will be one soon.
Although I can't claim to know how Dick feels,I'm doing it tough myself loosing two major contracts to price cutters, and having had to sell off to pay tax, I do wish him well and hope he can tough it out until the next upward cycle. There will be one soon.
I know I might get slammed for this comment, but I'll say it anyway.. I just don?t agree with Dick putting most of the money he has owed over the last 40 years back into the team. His worked dam bloody hard to build this wealth up, he deserves to retire with a pile of cash/ assets to his name.. Cash up while you can Dick & enjoy life. Don?t send yourself to the cleaners just to keep the team running. I think most fans (in the long run) would prefer you retried a wealthy man, happy to live retirement easy then keeping a team on the track.
You have toa ask the question at times t like this, How did we come to this?
The answer is the teams with big money and the rule makers lead the sport to this unsustainable plateau.
If you look at how the cars differ from those we drive on the road and the costs associated with getting them on track at each event and the huge profit needed now to keep the sport alive there is no doubt that it has exceeded the balance point.
I wholeheartedly praise Dick for his committment to the sport he loves, his family and his business, and you have to admire his tenacity after years now of doing it tough.
I would like to think that Jim Beam would be happy with their investment in DJR because with the additional funding this year we have seen a marked increase in performance from the team and the standings.
Joe although It is a nice ideal that one who has given so much already to this sport, retires wealthy , I guess you can't take it with you in the end, so maybe let the money do some good.
The answer is the teams with big money and the rule makers lead the sport to this unsustainable plateau.
If you look at how the cars differ from those we drive on the road and the costs associated with getting them on track at each event and the huge profit needed now to keep the sport alive there is no doubt that it has exceeded the balance point.
I wholeheartedly praise Dick for his committment to the sport he loves, his family and his business, and you have to admire his tenacity after years now of doing it tough.
I would like to think that Jim Beam would be happy with their investment in DJR because with the additional funding this year we have seen a marked increase in performance from the team and the standings.
Joe although It is a nice ideal that one who has given so much already to this sport, retires wealthy , I guess you can't take it with you in the end, so maybe let the money do some good.
Stone Phoenix
New member
Well I hope not, because that will probably mean that we will have to have Marcus Marshall in a seat.
I would prefer to hear the news that Jim Beam have considerably upped the investment into the team thanks.
I would prefer to hear the news that Jim Beam have considerably upped the investment into the team thanks.
Hardies Hero
New member
Hi Guys,
Ive just arrived back from a week long stay at the mountain, I can confirm that that there were three guys doing the rounds of the DJR pit dressed in "No Limit" gear... on both the Saturday and Sunday.
Ive just arrived back from a week long stay at the mountain, I can confirm that that there were three guys doing the rounds of the DJR pit dressed in "No Limit" gear... on both the Saturday and Sunday.
I don't have a problem with it if it helps with future of DJR. Better to have a partner then no DJR at all I reckon & JOhn Marshall has plenty of coin so if he wants to invest it in DJR then it had to be good for DJR. Some of the great teams in the world have had to go through this to help with the $ factor, look at Roush Racing in the states, as successful as they are they formed a partnership with Fenway to help build funds to take on the might of Hendricks Motorsports. It's just the way of the world & if we want to take on the likes of TWR, 888 & FPR, were going to need all the help we can get.
Hopefully though we can have a Marcus Marshall free driver list & the teams name wont change. All good IMO!!
Hopefully though we can have a Marcus Marshall free driver list & the teams name wont change. All good IMO!!