Iconic Australian company Telstra has been revealed as the naming rights sponsor for the V8 Supercar series new flagship event around Sydney's Olympic Park this December.

Australia's leading media communications company, Telstra's acquisition of the naming rights of the grand finale for the next four years was made confirmed by the chairman of Homebush Motor Racing Authority John Conde, during the official event launch at Martin Place. It followed an historic early morning crossing of the Sydney Harbour Bridge by six V8 Supercars in full race mode to celebrate the inaugural Sydney Telstra 500.

V8 Supercars Australia Chairman Tony Cochrane said Telstra's partnership in the blue chip event was a great coup for Sydney's signature event.

"Telstra is one of Australia's best known brands and to have this iconic Australian company put its name to the Sydney Telstra 500 is a glowing endorsement for the event," he noted, "The Sydney Telstra 500 is an annual event of international calibre and one that must not be missed.

"Telstra is a long-term partner of V8 Supercars through BigPond's platform sponsorship of our sport, and an integral partner in our business through its world class online services. We are absolutely delighted to have Telstra on board."

Telstra put its name to the race weekend as a leading part of its portfolio of sports, arts and community sponsorships and an investment in a uniquely Australian sporting event.

"Our support of the new Sydney Telstra 500 race is a further commitment to the investment we have made in bringing V8 Supercars to more fans across this country and across the world," managing director Justin Milne said, "Through BigPond online and on mobile, we will be taking V8 Supercars to a potential audience of more than 9.7 million.

"BigPond has been involved with V8 Supercars for more than six years and, in that time, we have been proud to bring fans of the sport even closer to the action with our technically innovative and award-winning online site and our rich interactive mobile site."

Telstra's backing of the event complements the commitment of the New South Wales government, which is providing Sydney Olympic Park and funding the construction of the facilities for the next five years.

"Premier Rees and his government have made it clear that they are in the business of staging big events to showcase Australia's best international city and New South Wales to the world," Cochrane added, "With the incredible support and vision of the premier and minister Ian McDonald, the government has backed the Sydney Telstra 500 as the city's largest event in 2009 and beyond."

A first year crowd of 150,000 people is expected to attend across the three days of the event, which will be televised live throughout Australia and New Zealand, as well as broadcasts in 110 countries and 850 million homes internationally.

The launch also revealed that major concerts will take place on both Friday and Saturday nights of the event, with details of the performing acts set to be released on Monday 28 July. The concerts will be included in the price of a ticket.

"We will have the best touring car racing on show by day and a celebration by night at what is the best purpose built entertainment precinct in the country," Cochrane insisted, "It will be the first time since 2000 that the entire main Olympic Park precinct has been used for a single event. It is tailor made as an entertainment and events precinct and this three-day spectacular will turn the area into a showcase street circuit which will make every Australian proud."