The Abbott government has allocated $7.5 million toward the motorsport complex at Tailem Bend in South Australia.
The former Mitsubishi proving ground located about 100km south-east of Adelaide, is part of a plan led by Peregrine Corporation that proposes an international standard race circuit with attached infrastructure that includes accommodation, hotels and restaurants.
The circuit will feature a multi-configuration layout with lap lengths variable from 3.7km to as long as 7.2km.
Sam Shahin, a director of the Peregrine Corporation that is behind the Tailem Bend project, has confirmed the extent of the memorandum of understanding held with V8 Supercars.
“We have a commitment, a signed commitment from V8 Supercars, to run a second V8 Supercar race in South Australia when this facility is finished,” Mr Shahin said.
The declaration coincides with an announcement that the federal government has pledged $7.5 million of funding, matching that of the South Australian state government.