No Limit confirms Supercheap purchase.

The Supercheap Auto Racing team is to get new owners after Kees Weel announced the sale of his V8 Supercar outfit to the No Limits Group.

Weel has successfully concluded talks with No Limit Group's CEO John Marshall regarding the sale of the team, with final contractual arrangements being formalised ahead of an official takeover - currently scheduled for 1 June.

Weel said that the expansion of his PWR Performance Products business was the main reason for the race team sale, adding that he was confident that the new owners will take the team forward

"The PWR Performance Products business is ready to take the next 'ten year step'", he said. "Paul (Weel) and I have big plans for PWR Performance Products and with the new PWR state of the art facility at Yatala nearing completion the time was right for us to narrow our business focus.

"We have spent a lot of money restructuring the race team operation this year and I'm confident John shares the vision to take the Supercheap Auto Racing team back to the front of the field."

No Limit is no stranger to the team, having backed the squad during the 2006 season and also having been involved in a $145,000 giveaway with World of HSV last year - which saw one person win $100,000 case and another win a new Holden Barina.

"We are now very firmly committed to V8 Supercars with this latest acquisition," No Limit marketing manager Calvin Coffey said. "Our company has a real passion for motor sport. Along with naming rights partner Supercheap Auto and our sponsorship partners, we will be using our team to increase brand awareness nationally."

On the day that the sale of the team was announced, Paul Dumbrell gave all involved with the programme a further boost when he posted the quickest time during practice at Winton - which took place in damp conditions after rain hit the Victorian venue.

"We are slowing unlocking the jigsaw puzzle," he said. "We've got a lot of new faces in the team and going to Adelaide with a car that was just finished was always going to be an uphill battle. It was a matter of getting a platform and performing for the rest of the year.

"It's great for the team to have John Marshall and No Limit involved. It's going to be really exciting; they are a great bunch of people."

Dumbrell was followed on the time-sheets by Tasman Motorsport's Jason Richards, while series front-runner Garth Tander was third.