Yachting F1s on the rocks
THE company that brought the “F1 of yachting” to the Broadwater last year has called in the administrators, leaving a cloud over the future of the event.
The action-packed hitech SuperFoiler Grand Prix made waves during its Gold Coast leg in February 2018.
It was the brainchild of Bill MacCartney, ex-promoter of the late Kerry Packer’s World Series Cricket and former boss of Australia’s 18foot skiff racing event.
During last year’s series, which involved five legs between February and March, boats used hydrofoils that act as underwater aeroplane wings, pushing underneath the boat and enabling the vessel to take off and sit above the water.
Series CEO Mr MacCartney compared it to Formula One or motorcycle Grand Prix but on water and Mayor Tom Tate threw his support behind the event.
However, the company behind the event has gone into voluntary administration.
Administrators were appointed to Grand Prix Sailing Pty Ltd, associated with Bill MacCartney and son Jack MacCartney, in March.
A report by Simon Cathro, of Worrells, found it owed $89,020 to 12 secured creditors and $1.445 million to 13 unsecured creditors.
Unsecured creditors included Jack MacCartney (owed $28,500), Skiptan Pty Ltd ($390,700) and Woollahra Sailing Club ($45,374).
A creditors’ meeting was held on Tuesday. The Bulletin has contacted Mr Cathro to seek comment on the outcome of that meeting.
The Gold Coast leg involved America’s Cup stars – including Team New Zealand skipper and 2017 Cup champion Glenn Ashby – who formed winning team Euroflex.
Bill and Jack MacCartney spent $500,000 of their own money to bring the highperformance racing boats back for the first time since 1997.
Cr Tate said he was disappointed the Grand Prix company has run into trouble.
“Our city hosts in excess of 600 events each year and we’d love to see major events, such as this, continue to use our waterways,” he said.
“Let’s hope the concept, and series, can continue and that the Coast will be considered on future race calendars.’’