V8 Supercars Australia will announce that the controversial street race around the former Olympic Precinct at Hombush will go ahead. Media have been invited to “ a special announcement” at the ANZ Stadium on Monday morning where V8 Supercars CEO Tony Cochrane is expected to announce the details of the race that will cost an estimated 13 million dollars a year to run.

The announcement of the race is expected to draw heavy critisim and even protest from local residents and environmental groups. The race is also opposed by the board of the Sydney Olympic Park authority which has twice rejected the proposal as well as oposition from three neighbouring councils.

Plans for the race were under threat following the recent sacking of Premier Morris Iemma, a noted supporter of the event, and with the current Government flagging serious economic problems for the State, it was suggested that this was neither the time or the place for such grandiose plans.

However a heavy media campaign especially from the Rupert Murdoch owned News Limited (a major sponsor of V8 Supercars) has placed the new Premier Nathan Rees under considerable pressure to allow the race to go ahead.

Local Resident’s groups and Enviromentalists have threatened to use the upcoming Ryde state by-election to protest any decision to support the race. Save Olympic Park committee spokesperson (yes the dickheads have established a committee already), Robert Goodwill, said the race would fundamentally change the character of the area. “It’s akin to turning the Botanic Gardens into a quarry or something,“ 

V8 Supercars counters saying that any trees removed will be replaced three fold and the any noise from the race will be no worse than any of the major rock concerts staged at the venue.

According to Mr Cochrane the race would draw crowds of up to 100,000 international and domestic spectators to Sydney and would inject between $22 and $30 million into the state’s economy.