3 Jul 2012

V8 race deal for Auckland

9:35 am on 3 July 2012

Auckland Council is poised to sign a $10 million deal that will bring a round of the Australian V8 Supercar championship back New Zealand.

The decision is expected on Thursday with a council report saying the country's biggest motorsport crowd-puller will bring economic benefits.

A provisional deal involves the council contributing $2.1 million per year, alongside funding from the Government and the event promoter.

Hamilton City Council dumped the event after poor management and unexpected costs left its ratepayers well out of pocket.

But Auckland Mayor Len Brown says staging the event for five years at Pukekohe will bring $7 million per year in return for the investment.