Bathurst Regional Council has confirmed that Federal Government funding for the development of a second circuit at Mount Panorama has been withdrawn.
Two grants totalling $12.5 million have been withdrawn, after the criteria to have the funds spent and facility built by June 2026 could not be agreed upon.
Bathurst Regional Council had intended to repurpose the grants into ‘growth and development’ of current facilities instead.
“Unfortunately, we were advised this didn’t align with the intent of the original grant funding,” Mayor Robert Taylor said in a statement,
“The project is on hold for now, but Council strongly supports development of the second circuit and will continue to work with both the Federal and State Governments and other stakeholders to make it happen.”
Plans to construct a new permanent circuit at Mount Panorama were announced in 2018, with a with UK firm Apex Circuit Designworking on a track design for a 200 hectare site west of McPhillamy Park.
Supercars, who shared the news with its media cohort following Bathurst Regional Council’s own release, has previously indicated that it would be keen to host an event at the second circuit.
The initial naming of the circuit was cause for dispute in 2017, as it clashed with then Supercars’ Championship sponsor, Virgin Australia, with the proposed ‘Velocity Park’ name quashed by the airline.
That issue has now dissipated given that Virgin is no longer the Championship sponsor, with Repco since becoming naming rights partner for both Bathurst and the Supercars Championship.
The proposed design saw a 4.7km layout with a total estimated cost of approximately $52 million, with $25 million of that accrued from Federal and State government grants.
So far, grants of $5 million and $10 million from the New South Wales State Government have been received, with the initial funding used for the design and documentation mandated for the second circuit’s development application.
A report on the matter will be presented to Bathurst Regional Council on June 21.
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