The future of Queensland’s three V8 Supercars races have been secured until 2016 after a new funding deal was confirmed on Monday.
The Gold Coast 600, Townsville 400 and Ipswich 360 will all receive continued funding from the Queensland government though the precise amounts have not been revealed.
It’s believed the new deal cut collective government funding from $9.3 million to $7.3 million with the bulk of the $2 million cut being in support to the Gold Coast event.
The Surfers Paradise street race has struggled to justify its reported $6 million in state funds since the event became a stand-alone V8 Supercars race after America’s IndyCar championship stopped racing in Australia in 2008.
Concerns the event may even be scrapped before the release of June’s state budget prompted an outcry from Gold Coast businesses, with the race estimated to bring in $45 million to the local economy.
Premier Campbell Newman said the new deal was about more than just the motorsport races.
“In addition to securing the events for Queensland, our investment in V8 Supercars will focus on event outcomes, driving more visitors to the State, providing a boost to the economy and community as well as showcasing Queensland’s destinations,” Mr Newman said in a statement.
Newly-appointed V8 Supercars chief executive James Warburton said securing the future of the three Queensland events was a crucial result for the championship.
It means the Sydney 500 is the only government-funded race which is yet to extend its contract beyond this year.
“Queensland is vital to V8 Supercars,” Mr Warburton said.
“The Gold Coast is the home of our company headquarters, and south-east Queensland is a major hub for our teams.”
It’s believed a key component of the funding will be adding more than just the motorsport to the Gold Coast event, with organisers already mooting plans for a week-long festival in the build-up to the October 25-27 event.
It’s rumoured activities such as street parades, concerts and a Miss V8 Supercars beauty pageant will complement the racing.