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+--- Thread: Electric Racers Plug into TTXGP Ownership (/showthread.php?tid=8800)
Electric Racers Plug into TTXGP Ownership - Malcolm - 20-03-2010
TTXGP WILL give teams that take part in its 2010 eGrandPrix series a partnership stake
in the race organisation as a major incentive for competitors.
in the race organisation as a major incentive for competitors.
![[Image: ttxgplogo.gif]](http://www.ttwebsite.com/gifs/ttxgplogo.gif)
The innovative move re-writes the traditional relationship between race owner and competitors as the riders on the grid will effectively own the organisation as part of a trust.
The newly created TEO (Trust.eGrandPrix.Org) allows teams to benefit from the profits of TTXGP. A key benefit of this will be to create a stable income stream for teams to build long term plans for people, technologies and organisation in future racing years - instead of being completely dependent on sponsorship.
You cannot buy any part of TEO, but rather, you must race to accrue the ownership – effectively a proxy share (you don’t actually own the asset - but do own specified benefits as if you did own the asset). The more riders you have on the grid the more ownership you will gain. As teams stop racing, they automatically leave the earnings pool whilst new teams enter. TEO has its own board elected by the members, which are the teams. Everything is transparent and accountable.
There are four rounds to the TTXGP UK in 2010, taking place as part of larger ACU-backed club meetings. In October the top eight finishers will go to Albacete in Spain for a Grand Final against the top eight competitors from sister series’ from the USA and Italy. Across the three countries there are currently 55-entries.
Azhar Hussain, CEO of TTXGP said:
“We hope the new approach to share the benefits and ownership of the race series with the competitors will ignite further interest in the series. We are working for this to be a multi-million pound business over time and return significant income to teams involved. The rules are complex to ensure parity and fairness so anyone interested should contact us for more details and a discussion.
“This is a new innovation and we are excited about it – just as we are excited by the potential of electric bike racing; this is the future and now is the time to get involved at the outset. Join TTXGP 2010 and build a sustainable, profitable and lasting future in the next generation of motorsport. If you love motorsports, you will not want to miss it.”