Queensland Raceway in Ipswich will again host a V8 supercars event in 2010 after an agreement was reached between local government and V8 Supercars Australia.
The Ipswich event, part of the V8 calendar for over a decade, had lost its spot after a dispute between the promoter and the governing body, but the impasse has been resolved with V8 Supercars now taking over the promotion. The race will go ahead under the name of the Ipswich 300 from April 30-May 2.
The agreement is for 12 months, with a view to a longer-term deal being formulated at some stage in 2010.
"We were able to sort through the issues from an interim perspective but there is a lot of hard work ahead to bring the facility to modern day standards," V8 Supercars Australia acting CEO Shane Howard said.
"(Ipswich) Mayor Paul Pisasale is to be congratulated for his persistence in bring this issue back to the table on behalf of the fans and his council who clearly understand the great importance of V8 Supercars to the region."
"This decision gives us 12 months to work through the many issues with Mayor Pisasale and the Queensland Government who have been highly supportive and very positive about the road ahead."
Howard said the circuit needs some serious work done to it, but is hopeful of coming to a solution which will see a total revamp after this year's event.
"Some serious work needs to be done to make it better for spectators and corporate patrons, as well as the teams who are working in very poor standard of conditions," he said.
"If upgrades to the venue are undertaken and the critical elements addressed for spectators and our teams, V8 Supercars Australia will not hesitate to enter into a multi-year agreement."
Mayor Pisasale said his aim was to ensure that financing was found for an upgrade.
"This is the first small but significant step in securing V8 Supercars at Queensland Raceway for many, many years to come," Pisasale said.
"I'm very pleased we've reached a resolution for the short-term and extremely confident that in the coming months we can really start to lock down some major upgrades to the circuit."