Organisers of the Adelaide 500 have been forced to deny any problems over dealings with a millionaire entrepreneur after questions about the event’s sponsorship.
Vailo founder Aaron James Hickmann, 34, faces a possible company ban and risks losing control of his high profile brand over a failed medicinal cannabis venture, BBS Pharmaceuticals.
Mr Hickmann, a father of two, has denied wrongdoing or that any of his businesses are at risk.
Vailo, formerly known as Valo before a “rebrand”, sponsors several major sport teams and events, including the 500.
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Opposition treasury spokesman, Matt Cowdrey, called for government assurances that “taxpayers won’t be left to clean up this mess with public money”.
“We need assurances from (Premier) Peter Malinauskas that Labor did standard due diligence on this deal before signing on the dotted line and that the process wasn’t rushed to suit their political timeline,” he said.
The premier had no comment.
But a SA Motor Sport board spokesman said all sponsorship had been paid.
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Thomas Randle driver at last year’s race, which Valo was naming rights sponsor of. Picture: Daniel Kalisz/Getty Images
Despite questions about Mr Hickmann’s empire as director of at least 47 companies, he said his brand would be the 500’s naming rights sponsor this year.
“Vailo was delighted to support the return of the Adelaide 500 to our city’s streets,” he said in a statement issued through an Adelaide public relations firm.
“We’re proud to have made a contribution to its success and the enjoyment of many Motorsport (sic) fans.
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“Vailo is looking forward to building on that success by supporting this year’s race as naming rights sponsor.”
Security is guarding Mr Hickmann’s $5.6m mansion – located in an affluent part of Adelaide’s inner south – that is owned by a company he and his wife are directors of.
Police are investigating why three balaclava-clad intruders invaded his home last week.
A security guard near the home of Aaron Hickmann’s, in one of the state’s most affluent areas. The photograph was taken on public land.
A statement from an interstate marketing firm, a 500 spokeswoman said it had no relationship with BBS.
“The event has and continues to enjoy a strong relationship with Vailo and we look forward to working with them in preparation for 2023,” she said.
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