The board of V8 Supercar Australia has granted permission for Tom Walkinshaw to regain control of the works Holden Racing Team.

HRT announced that Walkinshaw was to take over the team in its entirety by taking over shares owned by the new retired Mark Skaife, but the deal was subject to approval from the V8 board.

Having met earlier this week, approval was given for him to return to the team and Walkinshaw said it would be 'back to business' in 2009.

“Having been involved in motorsport in this country for almost 25 years I know the passion the public has for the Holden Racing Team,” he said. “And I'm just as passionate about the team.

“We are determined to leave no stone unturned to fully deliver on the track in 2009, with the best team on and off the grid for the Holden Racing Team. Mark Skaife has stepped out of the Team but that winning spirit which he engendered for so many years will live on as part of our rich history in V8 Supercars,” he said.

Following on from the retirement of Skaife at the weekend, the driver line-up for HRT for 2009 will be unveiled early next year.

Walkinshaw Racing has also confirmed that it has been approved to acquire two further V8 Supercar licences to compete in the 2009 series.

“It is great that we will have the backing of existing sponsors, while also bringing new corporate backing to V8 Supercars in a time of economic uncertainty,” Walkinshaw Racing CEO Craig Wilson said. “We will announce the drivers and sponsors for these cars early in the New Year.”