The annual V8 Supercars event will be returning to Pukekohe from April 2013!
The Auckland Council’s Strategy and Finance Committee endorsed an Auckland Tourism, Events and Economic Development (ATEED) recommendation to host an annual V8 Supercars event at Pukekohe Park, which will be upgraded for the event.
The proposal, backed by Auckland Council, will see the popular race secured for five years with an option to renegotiate for a further five years, after ATEED, the Ministry of Economic Development and Counties Racing Club joined forces to work with V8 Supercars and ensure the event stays in New Zealand.
Deputy Mayor Penny Hulse says Auckland has carried out extensive due diligence on the V8 Supercar event, which stacks up for the city and will deliver a significant annual economic return.
“We’ve seen through Rugby World Cup 2011 and this year’s Volvo Ocean Race Auckland Stopover what major events can do for this city. The V8 Supercars will be a winner, not just for motorsport fans but for all Aucklanders.”
Penny Hulse says the V8 Supercar event clearly meets the robust criteria laid out in Auckland’s Major Events Strategy and furthermore, it is important for Aucklanders to understand that V8 Supercars will underwrite the annual, three day event in a deal which protects ratepayers from financial risk.
“This will be circuit race at an existing venue not a street race. That means lower costs and fewer risks. Auckland’s due diligence on this event has included the learnings from Hamilton’s V8 Supercars experience and Audit New Zealand recommendations from its investigation into that event have been taken into account.”
ATEED Acting General Manager Destination Jennah Wootten says the V8 Supercars event is expected to deliver a range of tangible benefits to the city.
“To make the grade, any proposed event for Auckland needs to deliver a return on regional investment, visitor nights and international exposure while contributing to the city’s livability.”
“Our due diligence reveals that the V8 Supercars event is expected to generate a return on regional investment of $7 million per year. It is also expected to deliver approximately 50,000 visitor nights for Auckland in its shoulder season,” Ms Wootten says.
International exposure for Auckland as a destination is assured with V8 Supercars events televised in 137 countries.
Ms Wootten says an upgraded motorsport venue at Pukekohe Park will be a legacy for Auckland from the event and ATEED will explore the opportunities to gain further benefits from the event through business, school and community programmes.
ATEED will invest approximately $21 million per year for five years in the event. This will include a one off capital grant of $2.214 million towards the $6.6 million upgrade of Pukekohe Park and a $1 million annual sponsorship fee. V8 Supercars is underwriting the event, while the Ministry of Economic Development and venue owners Counties Racing Club also have a significant stake in the event.