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Team Kiwi Racing could rise from the ashes under new ownership, after the bankruptcy of owner David John.
John was adjudged bankrupt in the High Court at Hamilton this week, after the ANZ National Bank brought proceedings against him.
However, John said he had not been aware the hearing was taking place, and he would contest the court order.
Mark Petch, a successful team owner based in Auckland, said he and other investors were interested in taking over the V8 Supercar team if the bankruptcy was confirmed.
They had made approaches to John in the past about buying the troubled team, which has defended a string of court cases, but no longer wanted to deal with him.
"We would only deal with the official assignee," Petch, whose team has won TraNZam and New Zealand V8 titles, said.
"But there's not much time - the first round, the Clipsal 500 in Adelaide, is only weeks away."
Teams would be fined A$200,000 if they missed that event, Petch said.
Last year, Hamilton's Kayne Scott, who also drives for Petch in New Zealand, did most of the racing for TKR in a Ford Falcon. Results were poor, although Scott is a good driver.
Petch said a revived team could continue using this car.
John had announced that TKR would switch to a Holden this year, with the car to be run by Queensland-based Paul Morris Motorsport.
Racer-businessman Bernie Gillon brought an action against TKR, claiming that the team owed him $750,000, and this case also went before the High Court at Hamilton last Monday. That action was adjourned after the team promised to pay some money soon, Gillon said. He believed that he and the bank were the only secured creditors.
Gillon was interested in joining with Petch and other investors in a revived TKR.
Last year TKR reached agreements to repay money owing to former driver Paul Radisich and to Stone Brothers Racing, which ran the TKR car for part of 2007. Ford New Zealand ended its sponsorship deal with the team.
He don't look like he has lost any weight over the whole issue now. 
