Summernats is set to the stay in the capital after organisers and site managers agreed on a seven year deal to keep the street machine festival in Canberra.
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Fears that the annual celebration of burning rubber and impressive engines would relocate to Sydney were dismissed earlier today after Chief Minister Katy Gallagher announced that the festival would stay on at Exhibition Park until 2020.
"Summernats is the largest car festival in the southern hemisphere and has been held at Exhibition Park for 25 years," she said.
"The event helps to promote Canberra to a national audience, brings tens of thousands of people to the city, and provides millions of dollars to the local economy during what is traditionally a quiet time of year."
The ACT Government committed nearly $1 million in funding prior to caretaker period for upgrading and extending the area used for the burnout track, as well as the installation of new grandstand seating.
Now in its 26th year, Summernats is expected to attract up to 85,000 people to the capital with a four-day schedule featuring concerts by the Hilltop Hoods and Rose Tattoo.
