Economic Development Minister Steven Joyce today announced that the Government’s Major Events Development Fund will invest up to $2.2million on a one-off basis to support infrastructure upgrades for the Auckland V8 Supercars.
The investment will help fund the upgrade of the Pukekohe Park Raceway, enabling the annual V8 Supercar events to be held in Auckland for at least five years. The Government’s funding was conditional on contributions from V8 Supercars and Auckland Tourism, Events and Economic Development (ATEED). Auckland Council today approved ATEED’s funding.
“Government has agreed to a one-off capped investment to secure the V8 Supercars in New Zealand. This investment will deliver a cumulative return for New Zealand over the minimum five year period that the V8 Supercars are guaranteed to be held in Auckland,” Mr Joyce says.
“An independent study shows that the V8 Supercar events will contribute around $7 million to Auckland’s GDP in the first year and generate just over 50,000 visitor nights per annum. The upgraded infrastructure will provide a legacy that can be utilised by other motorsport events in the future.”
Government has made a $2,214,667 investment from the Major Events Development Fund, which attracts and grows major events in New Zealand. The Major Events Development Fund has a budget of $10m per year.
New Zealand has hosted an annual round in the V8 Supercar Championship since 2001. The event was held at Pukekohe from 2001 to 2007. In 2008, the event was moved to Hamilton where it was run as a street race until this year. The format of the race changes from a street race to a track race for next year’s Auckland round.
The upgrades are due to be completed in time for the Auckland round of the 2013 V8 Supercar Championship.