Auckland Council makes public pay for V8 racing
The government also agrees to chip in to secure Pukekohe V8 racing for tourism.
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.
Blair Cunningham
Thu, 05 Jul 2012
Thu, 05 Jul 2012
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Auckland Council makes public pay for V8 racing
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