The council has agreed to a 20 year extension of the V8 contract which will come into force when the current 10 deal expires in 2014.
The contract extension secures the future of the Great Race and will ensure Australia's top motor racing category remains at the mountain long term.
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“This is an outstanding result for the Bathurst Region and reaffirms Mount Panorama's status as Australia's premier motor racing venue,” said Mayor Paul Toole.
“By agreeing to this long term contract V8 Supercars have shown their faith in the future of motor racing at Bathurst. Council is thrilled at this show of support and we look forward to continuing our close working relationship with V8 Supercars.”