$2mil less ... Queensland's three V8 races look safe, but at a cost. Source: Megan Brayley / News Limited
The future of Queensland's three V8 Supercars events appears assured despite the Newman state government stripping $2 million in funding from them.
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The five-year deals for the Townsville 400, Gold Coast 600 and Ipswich 360 expire at the end of the year but a new three-year package deal, treating funding for the three events as one, is expected to be signed soon.
It is understood collective funding will be cut from an estimated $9.3 million a year to $7.3 million with the Gold Coast event to wear the brunt of the cuts.
The future of all three events has been clouded since the fall of the Anna Bligh Labor government.
Townsville is considered safe with a reported economic benefit for the region of $32.5 million return for the government's $2.5 million cash injection to V8 Supercars.
The Surfers Paradise street event has been in the firing line with the government handing over $6.5 million to run the event.
It has suffered since becoming a stand-alone V8 event after America's IndyCar Series ended their Gold Coast reign, although it is estimated the event still has an economic benefit estimated at $40 million.
V8 officials will meet the Government representatives for more talks next week with the new deal expected to be finalised by the end of the month.
Leading driver Rick Kelly has pleaded the case for the Townsville race, saying it was one of Australia's premier motor races.
"We visit a lot of great cities and great tracks around the world, and Townsville rates up there as one of the best," the 2006 V8 champion said.
"The event has only been on the calendar for five years, but it feels like it has been going here forever. As soon as the first race was run back in 2009, it instantly became one of those 'must win' races. It ranks up there with Bathurst and the Clipsal 500.
"The whole town and region really embraces it. For a regional town to attract over 150,000 people to the event consistently over the past five years is incredible. I can't imagine Townsville not being a part of our calendar.
"I can only hope that negotiations between V8 Supercars and the respective parties are positive and that an announcement about a new deal isn't too far away."
Rick's older brother Todd Kelly said that the sport and the region would be worse off without the event.
"I'm surprised a new deal has not already been announced," Todd said. "For me, its a home run.
"The support that our team and the whole V8 Supercars Championship gets is on par with all of the major V8 races.
"The climate is great, the city thrives while we're there and the track is extremely challenging. I think that V8 Supercars needs the race to stay just as much as the region needs us to return in the future."
Watch the V8 Supercars action from Townsville in HD, Jul 6-7 at 7:30pm EST on SPEED (512).
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