Nikon has been named as the title sponsor of the Surfers Paradise IndyCar event which will now be known as the Nikon Indy 300.

Sport minister Judy Spence, together with Indy 300 chairman Terry Mackenroth and general manager Greg Hooton, made the announcement with Nikon taking over as title sponsor from Lexmark - who backed the event when it was part of the Champ Car World Series schedule.

"The Nikon Indy 300 will see four days of the world's best motorsport entertainment on the streets of Surfers Paradise," Spence said. "Nikon is globally recognised for setting new standards in product design and performance - a perfect fit for our world-class event.

"We know the stars of the IndyCar Series and the V8 Supercars are really looking forward to this event from October 23-26, as a major highlight on the annual motorsport calendar.

"With the naming rights sponsor now announced, we are powering full-steam ahead towards this year's event - which is now less than three months away.

"Nikon has a one-year deal with an option for a further two years."

James Murray, general manager of sales and marketing for Nikon Australia said the company was thrilled to have secured the naming rights to the race.

"Motor Sport is always a major occasion for photography, and the Nikon Indy 300 will be a sensational spectacle guaranteed to offer many magical moments," he said. "The IndyCar Series is synonymous with precision machinery, and so too is Nikon where 90 years of research, development and design ensures all Nikon cameras perform at levels that can stop an IndyCar in its tracks!"