After six months of searching organisers have failed to find a sponsor for the V8 Supercar street race. The official launch is just a week away. The race is on over the June long weekend.
Ordinarily it would not matter much if the promoter of a special event failed to get a sponsor, but in this instance it is quite worrying. This is because the ACT Government has contracted with AVESCO the company that runs V8 Supercar racing to run the race for five years. This year is the third. If the contract is terminated prematurely, AVESCO would get a multi-million dollar pay-out, but the precise terms are unknown.
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