The State Government is expected to slash its budget for the event, which will see an end to the 22-year-old Surfers Paradise event and deliver a blow to the city's $100 million-a-year car race industry.
It is understood the $7 million set aside from Tourism and Events Queensland will be cut, with the State Government considering asking Gold Coast City Council to stump up the shortfall.
Sources have confirmed that negotiations over the funding allocated to the event were still under way and it was likely part of the $7 million would be cut... more Budget cut to end V8 party Local Gold Coast News | goldcoast.com.au | Gold Coast, Queensland, Australia
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