AVESCO Announces Most Significant Deal In Bathurst History
20/5/2004 21:04 (Press Release) -
The long-term future of one of the world’s most prestigious motor racing events, the Bathurst 1000, has been assured through a 20-year deal between the Australian Vee Eight Supercar Company (AVESCO) and the Bathurst City Council.
AVESCO Chairman Tony Cochrane and Bathurst City Council Mayor Kath Knowles signed the deal at the historic Mount Panorama circuit today. From next year, AVESCO Events will promote and manage the race for the ensuing 10 years with an option to continue for a further decade.
It comes hot on the heels of Federal Treasurer Peter Costello announcing that the Commonwealth Government had allocated $10 million in Tuesday’s budget to complete the works at Mount Panorama to make the circuit truly world class and a tourism hub.
The Bathurst event ranks alongside the Melbourne Cup on the world sporting stage.
“This is the most significant deal in the history of the Bob Jane T-Marts Bathurst 1000 and AVESCO,” Mr Cochrane said.
“Bathurst will be added to a growing list of events that AVESCO will promote, a list that now includes Symmons Plains in Tasmania announced last week and the final round of the Championship at Eastern Creek.
“AVESCO Events is now a major component of the V8 Supercar Championship Series and will become a major revenue source for our teams.
“Additionally we are going to China next June and constantly looking to other venues both at home and overseas as the appeal of our sport grows more significantly every year.
“I am equally delighted that the Federal Government has also responded to the hundreds of thousands of Motorsport fans in this country. I would welcome Prime Minister John Howard as the Grand Marshall at our Bathurst 1000 events.”
Cr Knowles acknowledged that the deal would ensure that Bathurst remains the passion of a nation. It coincides with $22.5 million in improvements to the track and facilities.
“The significant investment made by the people of Bathurst and the State Government into the future development of Mount Panorama has paid off,” Cr Knowles said.
“Race teams, sponsors and other key stakeholders can see that the serious commitment being made to bring the race facilities up to a standard that more accurately reflects the reputation of this world class event.”
Cr Knowles said that work on the refurbishments was a fortnight ahead of schedule. The first stage includes 36 pit garages, a new control tower, media centre and corporate suites.
“It will be ready by October,” Cr Knowles said. “There are also many benefits for spectators by improving vantage points around the track with the 170,000 tonnes of earth being moved from pit lane to build mounds at various key points on the circuit.”
MT PANORAMA REDEVELOPMENT - FACT SHEET - May 2004
Current redevelopment plans include a budget of $12.5 million including $10 million from State Government and Council funds.
The result will be:
• New pit complex approx with 368m x 15m deep bays at ground level - approx four times size of old pit bays. Features three phase power, communications, secured back and front, new amenities
• Second level will feature corporate suites with sloped windows, outside viewing areas.
• State-of-the-art unique four storey race control and admin tower
• 400 new campsites created in Pit Paddock
• Upgraded paddock area including staged levelling of the whole area to provide transporter access directly to the rear of the pits and vastly improved underground drainage, sewer, water, power and communications.
• New spectator mounds to be built in The Chase, Hell Corner, McPhillamy Park Sulman & Reid Parks and Pit Straight to provide better viewing of the race action.
• Wider pit lane by 3m
• Three new 2 storey amenities blocks at the rear of the complex for female, male and disable members of the public
• Three storey lift
• The roof is capable of accommodating, additional corporate viewing/hospitality and the big screens at race time
The $10 million in Commonwealth funding will enable:
• Completion of media centre and podium
• Improvements to overtrack pedestrian access
• Provision of all-year round tourist entrance to complex
• Construction of first floor access ramp
• Extension of corporate/all year round function rooms
• Demolition of remaining antiquated buildings at the start of pit straight, as all functions can be transferred to the new building
• Upgrading of the top of the mount to provide year round tourist facilities and new amenities for race goers
• Commencement of preliminary stages of drawcard tourist attraction development on top of mount (will enable involvement by private sector)
• Commencement of preliminary stages of Harris Park and grandstand, function room redevelopment, (will enable involvement by private sector)
Release Date: 13/05/2004
AVESCO
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