Sydney is to host a multi-million dollar V8 supercar race event at Sydney Olympic Park from 2009 to 2013.

NSW Premier Nathan Rees has confirmed  the multi-million dollar V8 supercars race event at Sydney Olympic Park will go ahead.

Mr Rees said Sydney would host the annual V8 supercar race for five years around a spectacular 3.4 kilometre street circuit, with the first race to be held in December 2009.

“This is great news for Sydney and NSW and will add more than $100 million to the NSW economy,” Mr Rees said.

“Western Sydney will now be home to an internationally renowned sporting event, which thousands of car race enthusiasts will be able to enjoy with minimal travel and accommodation costs.

“The race will attract more than 70,000 people on race day and an extra 15,000 visitors from overseas and interstate each year.

“It will create more than 110 full time equivalent jobs, and provide the opportunity for 75 NSW apprentices to take part across motor sport and hospitality sectors.”

NSW State Development Minister Ian Macdonald said V8 Supercars Australia operate 14 races, including high profile events in Bahrain and New Zealand, and the highly successful Clipsal 500 road race in Adelaide, as well as the Indy 300 road race on the Gold Coast in Queensland."

“This is a great opportunity for Sydney to become part of a global car racing circuit at a venue that’s tailor-made for hosting large scale sporting events,” Mr Macdonald said.

“The event will also showcase ethanol as a safe and reliable renewable fuel source, with V8 Supercars Australia announcing its race cars will run on 85% ethanol fuel.

“The NSW Government will work closely with stake holders and the event organisers at Sydney Olympic Park to minimise disruption to the normal precinct activities.

“The NSW Government will also support the event with all the emergency services needed for high profile events of this calibre.”