A V8 Supercar street race at Sydney's Olympic Park will contribute more than $100 million to the NSW economy, Premier Nathan Rees says.
Mr Rees today announced the race at Homebush will go ahead for the next five years.
The race around the Sydney Olympic Park precinct will become a permanent finale for the championship, with the government outlaying $28 to $30 million over five years.
V8 Supercars Australia will also contribute an estimated $10 to $11.5 million a year.
The three-day event will be held for the first time from December 4-6 next year and is expected to draw crowds of up to 100,000 international and domestic spectators to Sydney.
"This is great news for Sydney and NSW, and will add more than $100 million to the NSW economy," Mr Rees said.
"(The race) will create more than 110 full-time equivalent jobs and provide the opportunity for 75 NSW apprentices to take part across motor sport and hospitality sectors."
A number of protesters were on hand for the announcement at ANZ Stadium today but Mr Rees rejected claims the event was environmentally irresponsible.
Sydney faced the possibility of being without a V8 Supercar event with Eastern Creek ruled unfit and Oran Park in Sydney's south-west to close down after hosting this year's season finale.
Mr Rees said the event, officially known as the Sydney 400, would be the first of many new, large events to come to Sydney under his leadership.
