Auckland Council makes public pay for V8 racing
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Auckland ratepayers will pay for V8 racing at Pukekohe from next year.
The council's strategy and finance committee has approved a $10.6 million spend over the next five years to attract racing back to Pukekohe.
Economic development minister Steven Joyce has also backed the proposal, throwing $2.2 million of taxpayer money into the plan.
"The government has agreed to a one-off capped investment to secure the V8 supercars in New Zealand," he says.
"This investment will deliver a cumulative return for New Zealand. An independent study shows the events will contribute around $7 million to Auckland's GDP in the first year."
The government's contribution will come from its major events development fund, which has an annual budget of $10 million a year.
Pukekohe Business Association manager Kendyl Gibson told NBR ONLINE this week businesses will see a "huge increase" in visitor numbers as a result.