Canberra event loses major sponsor
26/10/2001 22:00 (V8 Wire - Jason Whittaker) -
Organisers of Canberra’s V8 Supercar meeting are confident lower ticket prices for next year's event will attract more spectators and ensure viability, despite losing its naming-rights sponsor.
Power tools manufacturer GMC today announced they would not be renewing their contract.
The April event has been renamed the Canberra 400.
Even without a major backer, Canberra Tourism and Events Corporation (CTEC) Chairman James Service said the event is sustainable.
"You don't necessarily need a direct naming sponsor, but you need lots of sponsors to take lots of different sorts of packages," Mr Service told ABC Online.
"If for instance a naming rights sponsor wasn't in the market, then we've got a whole range of other options but we're very confident the calibre of the event, the recognition value that our first sponsor received, will help us sell that into the market."
Mr Service said ticket prices would be reduced and more complimentary passes handed out next year.
Marketing giant IMG will promote and run next year's event.
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