Hamilton's V8 Supercars event will continue for at least the next seven years after Australian owners took over its promotion.
V8 Supercars Australia was confirmed today to run Hamilton's ITM 400 from next year after signing a new contract with Hamilton City Council.
It takes over from current promoter Caleta Streetrace Management (CSM), run by locals Steve Vuleta and Dean Calvert, who stepped aside, citing financial pressure.
The deal guarantees the only New Zealand leg of the series for at least the next seven years, although it could potentially be shifted from April to November from 2012.
V8 Supercars Australia already runs eight of the 15 rounds of the championship including Sydney, Gold Coast, and Townsville.
Hamilton has successfully hosted the V8s for three years after winning hosting rights in 2006.
It is the largest single sporting event in New Zealand, and despite the recent economic downturn, still attracted just over 100,000 people through the gates over three days last month.
Hamilton Mayor Bob Simcock welcomed the new partnership.
"The city has already shown it is capable of staging the V8s, which is no mean feat, and having V8 Supercars now running the event means it is well positioned to go from strength to strength."
V8 Supercars Australia boss Shane Howard will lead the events team and will use Hamilton-based staff and local contractors.
"It is with great pride that we bring our expertise to the table to work in partnership with Hamilton City Council. We are putting together the best possible team to reinvigorate the event and continue Hamilton's proud tradition of hosting the event."
Former promoters Calvert and Vuleta gave their support to the new management structure to ensure the continued success of what they said was an iconic Hamilton event.
"We thank past supporters and encourage all suppliers, sponsors and attendees to get in behind the new management team," they said in a statement.
