One of the biggest motor sport events in north Queensland's history will be held in Townsville from July 10-12 next year.

Sport Minister Judy Spence, together with Townsville City Council and V8 Supercars Australia, announced the finalised dates for the inaugural V8 Supercar race this weekend.

"I'm pleased representatives from V8 Supercars Australia and the Townsville City Council have decided on a date which will provide the perfect opportunity to visit Townsville during one of the best times of the year," said Ms Spence.

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"I have no doubt visitors from across the country will come to Townsville for this exciting event and take advantage of the warm, sunny weather during the last weekend of winter school holidays.

"The Queensland Government is providing more than $14 Million to help construct the $29.58 million Townsville Reid Park precinct, to be ready for this event in 12months time.

"In addition, we will contribute $2.5 million annually for the first five years of the event to ensure it is a success for Townsville. The Townsville race in the V8 Supercar Championship Series will see race teams bring their headline drivers and cars to North Queensland.

"Securing this event cements Queensland's reputation as a motor racing hub, and we are pleased to be working with the Townsville City Council and V8 Supercars Australia to bring this premier racing series to regional Queensland."

Member for Townsville Mike Reynolds was keen to point out that the event will bring great economic benefits to the region.

"It is expected to generate $10 million dollars and provide an estimated 130 full-time equivalent jobs during construction and an additional 180 full-time equivalent jobs as a result of staging the event each year," he added.

"Adding the V8 Supercars series to our already exciting event calendar is a real coupe for the people of Townsville and I look forward to seeing things rev into action next year."

Townsville Mayor Les Tyrell said he is looking forward to the V8 Supercar Championship Series making its way to Townsville.

"I'm looking forward to the economic benefits this race will bring the city, including an upgraded Reid Park and a multi-use facility," he continued. "It will bring our region some great exposure throughout the world.

"Along with V8 Supercars Australia, we have been consulting with the organisers of other events like the Townsville Show, the Australian Chamber Music Festival and River Festival to ensure the hoards of visitors that will flock to our beautiful winter climate for these events can all be accommodated.

"We are very keen to work this through so all events can co-exist and thus deliver huge benefits for the people of Townsville."

V8 Supercars Australia chairman Tony Cochrane meanwhile emphasised that the announcement of the Townsville V8 event dates was an exciting time for race drivers and spectators.

"This is fantastic news for the people of Townsville and North Queensland to now plan their arrangements for the event.

"Now the huge audience in North Queensland has their first chance to see V8 Supercars live in their own region".

Townsville Enterprise director Tony Ireland - who has been a long standing advocate for the event - said the excitement has been building for some time now with the realisation that it is going to become a reality.

"Townsville Enterprise is proud to have been involved in getting this event off the ground and I am delighted to know that we now have a date for our first race. We are looking forward to having a world class facility in Townsville that further strengthens our position as the best place in Australia to live," he summed-up.