V8 boss says city race has bright future

V8 Supercars Australia boss Tony Cochrane has faith in the Hamilton event despite concerns about poor ticket sales and one of the promoter's financial difficulties.

V8 Supercars Australia and Hamilton City Council say the racing will go on for the remainder of the seven-year contract.

However, they plan to review "where the event is going" after next month's racing.

Mr Cochrane said the event was bigger than any one person and he was confident the V8 Supercars had a bright future with the city.

"We have absolutely every confidence the event will carry on for the duration of the contract and have a bright future," Mr Cochrane said.

"We are not fine-weather sailors. We are here for the long haul."

Hamilton hosts the ITM 400 for the third time next month but organisers said earlier this week that it could lose the privilege if ticket sales did not increase as the directors were taking personal hits. Co-promoter Dean Calvert has lost his $1.69 million family home in Raglan, which is to be sold at auction.

V8 Supercars has previously dropped cities in its programme and this year cancelled the Perth round because the track was not up to standard.

Mr Cochrane said New Zealand had been hit harder by the economic downturn than Australia but ticket sales were down not only for the ITM 400 but all V8 events.

"I have every faith in the New Zealand economy to bounce back," he said, adding that New Zealanders were a "resilient mob of buggers".

The V8 Supercars had a large supporter base in New Zealand and therefore had no plans to cancel the racing here.

V8 Supercars promotes eight of its 15 races and several of the remainder races are hosted by Australian state governments. However, a V8 Supercars spokesperson said they would always use a promoter in New Zealand as it would be too difficult to arrange offshore.

The event promoters have an agreement which sees them pay V8 Supercars to bring the show, including cars and drivers, to Hamilton.

City council chief executive Michael Redman was confident Hamilton would continue to host the event.

"Council has received an assurance from V8 Supercars in Australia that the 2010 event is not at risk and we will work directly with them to discuss how the event may need be delivered in the future."

Earlier this week the promoters called on Hamiltonians to support the event, but Mr Redman said the city was already behind it.

"Hamilton people have and do support this event extremely well already."

- © Fairfax NZ News