Adelaide 500 abandons naming sponsor Vailo as multiple new crises hit lighting empire and founder Aaron Hickmann

The Adelaide 500’s main sponsor has been abandoned as new crises engulf its embattled millionaire founder - but he’s denied being “dumped”.

The Adelaide 500’s main sponsor has been abandoned as new crises engulf the lighting empire’s embattled millionaire founder who attacked his major bank lender.

Vailo, which Queensland-based Aaron James Hickmann, 36, founded 13 years ago, has been the Supercars event’s naming sponsor since a state government revival in 2022.

But the South Australian Motorsport Board has ended its premier sponsorship after confidential talks collapsed on a two-year extension.

The race organiser, reportedly set to change this year’s name to the Adelaide “Grand Final”, was last month “negotiating” to extend the high tech firm’s three year sponsorship.

Motorsport Board chief executive Mark Warren, Premier Peter Malinauskas and Vailo founder Aaron Hickmann with drivers at the Adelaide 500’s official launch in Victoria Square in 2022. Picture: NCA NewsWire / Kelly Barnes

But on Friday a board spokeswoman said: “Vailo’s sponsorship of the Adelaide 500 has already concluded. (We) are progressing arrangements for future sponsorship.”

It is understood international, national and local brands have been in talks – conducted before Vailo’s administration – with final discussions with one company.

Will Brown driver of the #87 Red Bull Ampol Racing Chevrolet Camaro ZL1 during the Vailo Adelaide 500, part of the 2024 Supercars Championship Series at Adelaide Parklands, on November 17, 2024 in Adelaide, Australia. Picture: Daniel Kalisz/Getty Images

Mr Hickmann, whose companies have been accused of failing to pay other business invoices, property debts and tax bills while parliament has heard he’s been investigated for tax fraud, said his company “proudly supports sport globally”.

He denied on Friday night that his firm had been dumped but it was instead “mutually not extending”.

Vailo was the naming rights sponsor for the past three years. Picture: Brenton Edwards

“Our naming rights partnership and supply of Vailo LED digital displays for the Adelaide 500 contributed to it being awarded Fan Favourite Event of the Year (sic), three years in a row,” he said in a statement.

“As a South Australian company, I’m proud of this achievement and encourage local businesses to support such events.”

It is the latest blow for Mr Hickmann – who earns an annual $1m income as Vailo founder – after National Australia Bank ordered external administrators to take control of his empire over claims of a multimillion-dollar loan default.

But in a heated attack on Friday, the entrepreneur criticised NAB, which mortgaged the 60 Greenhill Road, Wayville site for $10.5m in 2022.

Vailo founder Aaron Hickmann inside of his Wayville business location in January last year. Picture: Ben Clark

The eyesore site was Vailo’s new headquarters before last year’s Gold Coast move.

NAB’s administrator KordaMentha on Thursday plunged into administration a company he’s sole director of, Zamaz Property Four Pty Ltd, which owns the land in Adelaide’s inner south.

The Wayville site is now an eyesore. Picture: Russell Millard Photography

Mr Hickmann, a father-of-two, said in response to inquiries: “One of our entities, Vailo, is in the process of refinancing with an international lender after a dispute with NAB.

“It is disheartening that Australian banks are not more supportive of entrepreneurial manufacturing businesses, especially in a challenging economic climate where such support is critical.”

A NAB spokesman said on Friday night: “We engage in good faith with all customers and support business owners with extensive measures to help them stand on their own.

“We stand by the process we’ve followed in this matter.”

Mr Hickmann, who is facing bankruptcy action over separate lender debts and risks losing other properties including vineyards, faced new woes as a key chief, Vailo chief operating officer Penelope Bettison, 47, of St Morris, quit.

Penelope Bettison, who was Vailo's Chief Operating Officer. Picture: Vailo

Mr Hickmann said it was “challenging” when staff are “poached”. Picture: Tom Huntley

She didn’t return calls.

But in a social media post she told of her “heavy heart” as she wished Vailo “continued success as it focuses on expanding into the US market”.

Mr Hickmann, the chief executive officer of a mystery new firm LSTX, said he was “focused on driving the company’s global growth”.

“We now focus on international opportunities to maximise returns and grow the Vailo brand,” he said.

“I look forward to continuing our journey of aspirational growth, showcasing Australian innovation and manufacturing excellence on the global stage.”

He said he took “immense pride” in his company as building an advanced manufacturing business “from the ground up is no small feat” while staff being poached “is a challenge”.

Mr Hickmann with wife Maxine, Mareli Visser and Josh Harris at the Adelaide 36ers and Adelaide Lightning MVP Dinner at the Titanium Security Arena in 2017. Picture: supplied

He has denied any impropriety about his tax affairs – and other business claims – while the Australian Taxation Office has not taken any action after ATO agents, with federal police, raided his offices last year.

Originally published as Adelaide 500 abandons naming sponsor Vailo as multiple new crises hit lighting empire and founder Aaron Hickmann