Statement from Derrick Walker on Team Australia

The following is a statement from Walker Racing owner Derrick Walker.

Derrick Walker, Walker Racing Owner:

"I was extremely disappointed by Craig Gore's announcement to take Team Australia, our driver, and sponsors to KV Racing. Contrary to Gore's recent statements, I developed the concept of Team Australia in 2005. Over a three-year period, Team Australia had great success in using motor sports as a marketing tool for Australian companies, including Gore's winery, Aussie Vineyards.

"Despite the success of the team, Gore defaulted on his financial obligations to Team Australia throughout the 2007 season. Walker Racing was forced to loan the team substantial funds in order to continue competing in the Champ Car World Series. Walker Racing is still owed in excess of $1,500,000 by Gore and his related entities. I relied upon Gore's repeated assurances that he would fulfill his commitments to the Team Australia program and to me. Until Gore's recent announcement to take Team Australia to KV Racing, I was led to believe that we would be moving forward together as a team in 2008.

"I believe that Gore's actions are a serious default of his contractual commitments and fiduciary obligations as a business partner. I have given Gore ample opportunities to resolve these disputes informally. Unfortunately, it appears I will have no choice but to take legal action."

-credit: walker racing