The sale was confirmed on Thursday, on the eve of the Sydney SuperNight event which will be the first Supercars event since back-to-back events in Townsville in July.

In a brief statement, Supercars said Archer had agreed to sell its stake to a consortium called Racing Australia Consolidated Enterprises (RACE).

The consortium, headed by Melbourne entrepreneur Barclay Nettlefold, is the result of a joint bid by TLA Worldwide and Australian Racing Group (ARG).

Nettlefold is the global chief executive of TLA's parent company TGI Sport while ARG is led by former Supercars team boss Barry Rogers and former Supercars managing director Matt Braid.

It brings an end to Archer's decade-long ownership of the championship, after the private equity investment firm bought the series for approximately $180 million in 2011.

No figure was given for the sale but it's been reported Archer has received around $60 million for its stake.

"Supercars, with the support of Archer, has done an amazing job navigating the past two years," Nettlefold said.

"The RACE Board and I look forward to combining our collective resources, heralding an exciting new era in the growth of a sport that all Australians love."

It's expected the transition of the shareholding will be finalised by the end of the year.

The statement did not include the final make-up of RACE's board or what the deal means for the 35 per cent stake in the championship currently owned by the various teams.

RACE's bid was chosen ahead of a rival consortium fronted by Boost Mobile founder Peter Adderton which had been backed by media company News Corp Australia.

The Supercars return to the track on Friday at Sydney Motorsport Park with two practice sessions before this weekend's first of four consecutive weekends at the venue.

The Bathurst 1000 at Mount Panorama will wrap up the campaign next month.

Australian Associated Press