Someone in admin will be looking through the job adverts next week

You would think so! It's not really enjoyable to report on, but that's part of the job I guess.

Alex I think its huge industry news and congrats on brining it out in the open. Super X went down the drain for more than $1 Million. they have filled with asic to wind up the company. I imagine this news will be world wide news, I wonder how exposed Chad was to the losses?

Where did you hear/read that it went down the drain for more than $1-million, if you don't mind me asking?

I see that Super X Australasia Pty Ltd has voluntarily gone into liquidation and that the notice was given on 16 March 2011 from what I can find and understand.

However, as our story says, new Super X general manager Kevin WIlliams told us when contacted this afternoon that the series is very much on track for a positive year in 2011. Early reports of late have been that it will be a five round series again promoted by Global Action Sports.

It's been obvious since the start of last season that Chad Reed was no longer going to be involved since he didn't race as he was originally expected to. You can't blame him though because he simply couldn't commit to the series when he didn't have a ride either here or in the U.S. Remember he turned up to Newcastle in the back of a Hilux with two stock Hondas!

So I'm not sure if Chad was involved directly in Super X Australasia Pty Ltd, the company that has gone into liquidation, but I do know that Michael Porra's Global Action Sports is currently enjoying a very successful period with Nitro Circus Live and intends to run Super X once again.

I'll do my best to try find the ins and outs of this, but obviously it will be very difficult to get information on it exactly.

The fact that Kevin has said the series will run is enough to retain my confidence and I think the entire industry is hoping that it continues to put our guys in the spotlight overseas. It may be a different series, probably the difference between the regular Nitro Circus Live tour and the regional-based tour (both do very good!).

We'll see what happens...

Also, I saw that the notice published in the Gazette Business published by the Australian Securities and Investments Commission (ASIC) says that the decision to wind up the company voluntarily was made 'at a general meeting of the sole member of the abovenamed company'.

Any idea what that means exactly. I'm certainly no expert on that kind of thing. Just trying to paint some sort of a clear picture on the matter if that's even possible.

Edit:
Found this info on what a single member company may be (not sure if it relates, I just Googled it).

http://www.formacompany.ie/en/company-formations/single-member-company

Hi Alex you can download the ASIC documents from the ASIC site. $1.2 Million in debts. They owe QSAC, Energy Australia stadium and Auckland money so they series won't be returning to those venue's??? and Motorcycling Australia 60K as was stated in the minutes.

Thanks, Matt. I'll do some research and see what answers we can come up with.

AG, did YOU write this article yourself???? Just interested to know as Trevor Hedge from mcnews.com.au has written a very, very similar article!!!

Yeah mate, all my words and research in the article. Have been working on it since I found the documents early in the week before I wrote the Cycle Insider 13. The stories on here and Trev's site are probably similar (even though his is more of an editorial type write up) because we have the same copy of the minutes, I would say very similar statements from Honda and Suzuki, as well as the same info from Yarrive. I'm working on more, just haven't got the final details I need yet to report on it as I'd like to.

Big big bomb shell. But really was it anything that we havnt suspected already. Superx was on the ropes last season when half the US riders didn't show, Chad didn't ride (understandably) Ticket sales where way down. Plus the bad pulicity they got after the Newcastle round.
ASBK has been having declining entries for a couple of seasons, lost it's event in Sydney(biggest market in Australia).FX has come back & with a secondary sanctioning body issuing race licenses.
I think the next 12-18 months will be an eventful time in the administration of motorcycle of racing.

Hi Alex,
I am looking forward to seeing your report on these final minutes .
Many questions need to be asked which a general member of MA doesn't get the opportunity to ask .
Clubs aren't very good at asking questions of MA .
Don't know if they don't know how to ask or they are intimidated by asking .
But something really needs to be done .
How can they let organisations get into debt to MA .
From what i have read recently MA hold back permits of clubs if they haven't settled fees with MA within 14 days of an event i think it was .
Why are private organisations issued permits when they are in debt to MA then ?
Overheard in the paddock @ WSBK an MA official not mr white telling someone he wasn't happy that clubs were whinging about being treated unfairly by MA giving private organisations preference over clubs.

This guy said private organisations should get better help as they bring MA more money in .
Go figure !

Hi Alex some more details From bikepoint..

http://www.bikepoint.com.au/news/2011/super-x-australasia-goes-under-24409?intref=ed-news


As at that date, sundry debtors for Super X totalled $117,531, and the company had $5457 cash on hand.

On the creditor’s side of the ledger, among those organisations owed money include the Australian Taxation Office ($212,894), Supercross Australasia Pty Ltd ($62,021), Crusty Touring 09 Pty Ltd ($432,156), Queensland Sports and Athletics Centre ($252,250), Energy Australia Stadium ($36,417), Action Sports International Pty Ltd ($54,166), Stadium Catering ($36,363) and MA ($62,370).

However, Supercross Australasia, Crusty Touring and Action Sports International all belong in the same ‘stable’, with Crusty Touring now also in voluntary liquidation. Global Action Sports Pty Ltd, fronted by Michael Porra, the man behind the whole Super X ‘revolution’, also shares the same registered office as the other three.

As far as MA is concerned, its board has endorsed a one-off payment of $30,000 plus GST to clear the 63K debt, and is flagging $7000 plus GST for permit and rider fees to be paid prior to each round for the 2011 championship.