V8 Supercars will continue to race at Sydney Olympic Park after CEO James Warburton agreed a new deal with the New South Wales government to safeguard the Sydney 500 for the next three years.
As part of the multi-million dollar agreement the Homebush event will remain on the calendar until 2016 with an option for a further two years, with the Sydney 500 retaining its place as the Championship’s season finale showdown.
Talks with television broadcaster Channel 7 are still ongoing about the possibility of a twilight race as part of the event.
“Securing the Sydney 500 V8 Supercars grand finale at Sydney Olympic Park for at least another three years will mean motorsport lovers will be able to experience a truly exciting race in a unique venue, which brings the precision of the V8 drivers to a challenging course that really delivers entertainment for the fans,” V8 Supercars CEO James Warburton told The Daily Telegraph (Australia).
The future of the Homebush round had been in doubt with the current five-year contract running out at the end of 2013 and the NSW government reviewing its expenditure in staging the event, but the deal will be good news for the state’s economy having generated an estimated $50 million since it began in 2009 and attracted over 5000 interstate and international visitors.
“Besides providing a multitude of motorsports fans with a wonderful experience, these events will also provide many jobs and inject millions of dollars into NSW,” minister for Tourism and Major Events, George Souris, told The Daily Telegraph (Australia).
The new deal comes just one month after V8 Supercars secured a new funding deal with the Queensland state Government which will see Townsville, Ipswich and the Gold Coast continue to host events until at least 2016.
More news is expected on Wednesday.