TWR BROKE, BUT HRT NEVER BETTER: CRENNAN

V8 Supercar racing's premier team, the Holden Racing Team, is under no threat, despite England-based parent company TWR Group Limited yesterday entering into receivership.

That was the message from the company's Australian boss, John Crennan, in a statement released today, insisting the local arm, which incorporates the Holden Racing Team, Kmart Racing Team and now Team Brock, was a separate and healthy entity.

"The Australian operations are profitable and we are working closely with Holden on a major long-term growth strategy," Crennan said, hinting at a possible buy-out by Holden Australia.

"We will continue to play a leading role in performance vehicles and motorsport in this country. For us, it's business as usual."

The $420 million TWR Group, headed by Tom Walkinshaw, hopes to continue trading while a new buyer is sought.

--V8 WIRE (Jason Whittaker)