Toll Holden Racing has paid tribute to team owner Tom Walkinshaw, who passed away over the weekend after a lengthy battle with cancer.

The Scot first established the Holden Racing Team 20 years ago and, under his direction, Walkinshaw Racing achieved an unsurpassed level of success, including six wins at Bathurst and an equal number of V8 Supercar championship titles.

"As we all know, Tom was very passionate about motor racing and he achieved much success as a driver and team owner in his lifetime," team MD Craig Wilson said, "Those who know Tom know a tremendous competitor but, having worked for him for over 20 years, I also know him as someone with amazing entrepreneurial sprit and someone with real insight into this business. He will be sadly missed, but we owe it to him to continue the success we have enjoyed under his watchful eye."

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Holden chairman and managing director Mike Devereux also paid tribute to Walkinshaw's legacy.

"On behalf of the men and women at Holden, I'd like to extend our deepest sympathies to Tom's family, friends and co-workers across the world," he said, "For more than 20 years, Tom's pursuit of excellence helped forge our brand's reputation as a performance leader both on and off the track through the creation of Holden Special Vehicles and the Holden Racing Team. His contribution not only to Holden, but the automotive industry is legendary and will never be forgotten."

The team does not plan to make any further statements at this time, but expressed its thoughts and condolences to Walkinshaw's wife Martine and their two sons Ryan and Sean.