The Australian Vee Eight Supercar Company (AVESCO) will become
Australia's largest sports exporter following the signing of an historic
sanction agreement in Shanghai today that will take the country's third
most watched sport to China.

AVESCO Chairman Tony Cochrane signed the agreement with the Shanghai
Greenland Group, Shanghai's largest property developer, meaning the
Australian V8 Supercar Championship Series will race at the Shanghai
International Circuit each year for the next five years.

"This day is one of the most significant in the history of our
Championship," Mr Cochrane said at the signing of the agreement at the
SIC today.

"The people of Shanghai will be blown away with what they see next June,
just as our teams and drivers will be blown away when they see what is
arguably the best motorsport facility in the world.

"The SIC must be seen to be believed. It will host September's Formula
One race as a warm-up to us coming here next June! This event will
become the pinnacle of our Series and the backbone of our international
future.

"Our sport has significant recognition and reach in Asia where 60
million people watch each round. China, through CCTV, increases our
international television audience to 70 countries and brings V8
Supercars into more than 500 million homes.

"This historic agreement also signals the start of a new era for AVESCO
which will dip its toes in the international sporting arena following on
from our huge successes in New Zealand.

"Today will open up a whole new world for our Championship."

Mr Cochrane was flanked by Queensland Premier Peter Beattie in a show of
support for the series. They both recognised China as one of Australia's
most important trading partners.

"I congratulate AVESCO for this imaginative and bold move which will add
to our overseas reputation," Mr Beattie said.

"Make no mistake, this means export dollars and potential jobs for
Australians. Today's signing ceremony is the culmination of a lot of
hard work over the past two years by AVESCO, Greenland and the SIC in
conjunction with the Queensland Government and Austrade.

"My Government has also committed to continuing its support for the V8
Supercar racing event and has included it in the seventh Sister-State
Memorandum of Understanding with the Shanghai Government which I have
just signed."

Five-time champion Mark Skaife said the move into China had massive
potential.

"As drivers and athletes we always want to perform in front of the
biggest crowds at the best venues," Skaife said.

"For our teams to race at the Shanghai International Circuit in front of
hundreds of thousands shapes as one of the highlights of our careers.

"Our first race of the year in Adelaide, the Australian Grand Prix in
Melbourne and the Lexmark Indy on the Gold Coast are signature events
within our championship.

"This race has the potential to form a pretty special part of that group
of signature events when you consider the world class standard of
facilities.

"I can't wait for the guys to get here and take a look at this place.
I'm sure the Chinese will also get right into the competitiveness of the
series and the aggressive way we race.

"With the Formula One event being held here in September it also means
that the circuit will have been given a thorough test before we arrive
eight months later. That will help our jobs of making our debut in China
a success.

"In more global terms the event will take our series to the biggest
population on the planet and I believe open up incredible opportunities
for everyone involved.

"I can't wait to get back to Shanghai next year and see 32 cars in a
fierce battle to become the first V8 Supercar winner in China.

"And those at home in Australia will be able to watch this unfold live
on television with extended Sunday afternoon coverage. This will not
only include race action but a showcase of the region and insights into
China."

Former Minardi Formula One driver Alex Yoong, the first person to drive
an F1 car in China, has joined the Wright Patton Shakespeare team and
looks forward to racing in his heartland of Asia next year.

"The series is the most challenging touring car competition in the world
and to be trusted by the Wright Patton Shakespeare (WPS) team to run in
the championship is great," Yoong said.

"The V8's are awesome to look at and listen to. I think that once the
orient gets a close up look at the racing in the series and the quality
of the competition the whole region will become instant fans."

AVESCO views China as the perfect new international partner given that
it is now Australia's third largest trading partner and by 2008 will
provide Australia with more tourists than any other country.

The Shanghai International Circuit is a state of the art facility with
spectacular architecture. It was designed by Formula One's premier track
designer Hermann Tilke.