The Victorian Government has turned down a proposal to fund a V8 Supercars street race in Geelong.

According to the Geelong Advertiser, a five-year, $55 million bid has been rejected by the government following an independent analysis of its benefits.

The pitch reportedly featured two different circuit location options, including one by the area’s waterfront.

Lara MP and Minister for Sports, Major Events and Tourism in Victoria, John Eren, says that the numbers did not stack up.

“The simple fact is the return on investment for this project was not good enough: an independent auditor predicted the event would run at a loss,” he told the newspaper.

“Event organisers from all over the world want to bring their products to Victoria – but our priority is investing in the ones that deliver maximum benefits to the state.”

The Victorian Government already provides significant funding to the nation’s MotoGP and Formula 1 events, the latter of which includes V8 Supercars races.

V8 Supercars CEO James Warburton told the paper that “we have had no formal contact from Victorian Major Events about our proposal” and that “Geelong remains of interest to us as part of our Victorian event.”

Former Geelong mayor Darryn Lyons was a vocal advocate for the street race proposal before he and his council were dismissed by the government last month.

The latest development is a case of history repeating, with a proposed ‘Geelong 500’ touring car race having also failed to get off the ground in the early 1980s.