An annual V8 Supercars event in Pukekohe has been given the go ahead by the Auckland Council today.
Councillors voted on the plans to host the event at Pukekohe Park after Hamilton lost hosting rights in April.
The proposal by Auckland Tourism, Events and Economic Development (ATEED) will see the popular race secured for five years with an option to reneogtiate for a further five years.
Deputy Mayor Penny Hulse said the event will deliver a significant return for the economy.
"We've seen through Rugby World Cup 2011 and this year's Volvo Ocean Race Auckland Stopover what major events can do for this city. The V8 Supercars will be a winner, not just for motorsport fans but for all Aucklanders."
ATEED acting general manager destination Jenna Wooten said to get approval, any proposed event in Auckland needed to deliver a return on regional investment, visitor nights and international exposure.
"The V8 Supercars event is expected to generate a return on regional investment of $7 million per year. It is also expected to deliver approximately 50,000 visitor nights for Auckland in its shoulder season," Wootten said.
International exposure for Auckland as a destination is assured with V8 Supercars events televised in 137 countries.
Economic Development Minister Steven Joyce announced the Government would invest up to $2.2 million on a one-off basis to support infrastructure upgrades for the Auckland V8 Supercars.
"Government has agreed to a one-off capped investment to secure the V8 Supercars in New Zealand," Joyce said.
The Australian organiser of the V8 Supercars race paid $1.25 million to the Hamilton City Council last September to terminate its contract early after the event returned a significant loss.