1 month ago
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Lindsay Fox may be looking to sell Phillip Island Circuit to help fund a new motorsports park at Avalon, with the Shahin Family – owners of The Bend – said to be interested in adding the racetrack to their portfolio.
One of Australia's most iconic racetracks could soon be under new management.
According to an unconfirmed report from motorsport publication AutoAction, Lindsay Fox's property group may be exploring the sale of the Phillip Island Circuit.
It's said the Shahin Family's Peregrine Corporation is the most likely buyer, joining a portfolio that includes The Bend and Mallala racetracks.
The report suggests the sale of Phillip Island Circuit may be a result of a new racetrack being built at Avalon, on land also owned by Lindsay Fox's property group.
However, it's believed the Linfox Property Group would need to provide a considerable cash investment to help make the motorsport precinct a reality – potentially forcing the sale of Phillip Island Circuit – with the Victorian Government so far tipping in $1.6 million towards design and planning.
The transport magnate's property group purchased the Phillip Island Circuit in 2004 with plans to add an 18-hole golf course designed by Greg Norman and a five-star hotel – but two decades later nothing has been built after it failed to win the support of officials.
Ben Zachariah is an experienced writer and motoring journalist from Melbourne, having worked in the automotive industry for more than two decades. Ben began writing professionally more than 15 years ago and was previously an interstate truck driver. He completed his MBA in Finance in early 2021 and is considered an expert on classic car investment.
