The impending sale of the team was first revealed by Motorsport.com last November, which prompted strong denials by team boss Jonathon Webb via other media outlets.
However, as predicted, the team has indeed changed hands, successful drag racer and businessman Xiberras the new owner of Team Sydney.
Motorsport.com understands the deal was put to the Supercars Board as early as December but has only now been finalised.
The team will re-branded to PremiAir Racing and will effectively be built from the ground up with a new base in either Queensland or Victoria, depending on where the majority of new staff come from.
“Jonathon and I have been talking for some time,” Xiberras told Motorsport.com.
“To be up front, we didn’t get close until Bathurst. We’ve been in negotiations since then. It’s a big deal, a lot to be considered, but long story short, late last week we all agreed to make it happen.
“There were discussions about delaying it into this year, or whether we do a fresh start…
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