V8 Supercars Australia chairman Tony Cochrane has welcomed the decision to include the Gold Coast Indy 300 in the future plans of the IndyCar Series, cementing the Surfers paradise event on the V8 calendar.

The street racing festival became a part of the V8 Supercar Championship Series six years ago, and will be round eleven of the 14-round series this year. It had been cast into doubt when top billing partner Champ Car merged with the rival IndyCar Series but, following talks between event chairman Terry Mackenroth, general manager Greg Hooton and IRL CEO Tony George, has now been guaranteed a six-year stay of execution.

"The Gold Coast has really become the home of V8 Supercars, with our head office here and so many teams located within a short distance from our front doors," Cochrane noted, "V8 Supercars is the leading touring car championship in the world and we are happy to be sharing equal billing with the new IndyCar Series at a world class event."

IMG senior vice-president and Asia Pacific regional managing director Martin Jolly added to the news with the announcement that the decision also cements the joint-management partnership of the event between IMG and the Queensland Government for the length of the new agreement.

"We have enjoyed a fantastic working relationship with the Queensland Government for many years and together we have developed one of the world's great sporting events," he said, "I think this is the dawn of an exciting new era for open-wheel racing and the Gold Coast Indy 300 in particular. We look forward to producing the best event and the best result possible for Queensland during the next six exciting years."

The new-look event is expected to provide new corporate opportunities with companies now able to make confident, long-term commitments, according to event MD Hooton.

"The great thing about the commitment from the IRL and V8 Supercars is the stability it provides and that is one of the greatest assets any event can have," he pointed out, "We can now seriously go into the market place and offer partnerships of up to six years.

"I think such a commitment will also breed a whole new group of fans who will be able to get behind young Australian drivers like Will [Power] and Ryan [Briscoe] as they continue to forge careers for themselves. At the same time, they will be able to continue their loyalty to their favourite Ford or Holden V8 Supercar drivers."