Wakefield Park motor racing circuit is being purchased by the owner of Pheasant Wood motor sport facility near Marulan.
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Goulburn MP Wendy Tuckerman made the announcement via her Facebook page on Tuesday.
At the same time, the Coalition party has committed $5 million towards long-term planning for Wakefield.
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Sports Minister, Alister Henskens said the money could be spent on advocacy and planning work and noise mitigation to help facilitate the return to motorsport, training and safety programs.
In a statement, Pheasant Wood owner Steve Shelley said Mrs Tuckerman, council CEO Aaron Johansson, Goulburn Chamber of Commerce owner Darrell Weekes, had been working "tirelessly" with him to find a permanent solution for Wakefield.
The Braidwood Road facility suspended operations in September following a NSW Land and Environment Court hearing that imposed stricter operating conditions than previously existing. Owners, the Benalla Auto Club (BAC), branded them unviable.
Mr Shelley said the collaboration with BAC chief, Stephen Whyte, came after several months of discussions and community engagement.
"Whyte was totally committed to ensuring the new custodian of Wakefield Park was extremely sympathetic towards the local community and especially understanding of the noise issue emanating from the circuit," he said.
"The acquisition of Wakefield Park Raceway by an established track operator in the region, such as Pheasant Wood Circuit will breathe new life into the raceway and provide a sustainable and commercially viable solution to the circuit, especially whilst addressing the noise concerns that led to its closure."
He committed to a reopening that would be "respectful and beneficial to the community" but said it wouldn't be happening within four months.
"We are thrilled to have found a solution that will allow the reopening of Wakefield Park Raceway," Mrs Tuckerman said.
"This is a win for the motorsport community, local businesses and the wider community.
"The reopening of Wakefield Park Raceway is expected to bring significant economic benefits to the Goulburn region, with an increase in tourism and the creation of new job opportunities. Pheasant Wood Circuit will soon commence the rejuvenation of Wakefield Park Raceway and looks forward to reopening the circuit in the coming months."
Mr Whyte told The Post that BAC did not seek the sale but Mrs Tuckerman had "helped and supported" them.
"I provided a quote and it's great that it's been taken up," he said
"The opportunity was there and it made sense for the Goulburn region. Steve (Shelley) is willing to put the effort into what's required. It's an opportunity for all parties to have a positive result and ensure the long-term future."
He declined comment on the sale price. The purchase is yet to be finalised.
Mr Whyte said BAC would take a "back seat" on Wakefield but would loan help and support where needed.
It ends 16 years of ownership. BAC retains Winton Motor Raceway in Victoria.
He deferred to Mr Shelley on how the complex planning issues would be resolved. The court granted Wakefield Park fewer race days than the council previously approved.
The court ruled the raceway could hold a maximum 365 events annually. However, those that created noise more than five decibels louder than the ambient would be subject to a multiplier effect to determine the number of equivalent events that it represented.
Management said this in itself was "unviable."
Mr Shelley said he had already spoken to neighbours and there would be a total re-think on the way motorsport was conducted.
"We'll be sending the message that a fast car doesn't have to be a noisy car and if your vehicle exceeds noise levels it won't be able to operate," he said.
Mr Shelley confirmed that Mrs Tuckerman and Mr Weekes had planted the seed for the purchase with him. But his decision was not based on the $5m assistance with noise mitigation.
"It needs to stand on its own and not be propped up by government," he said.
Mrs Tuckerman said engagement with all stakeholders, a "significant" noise mitigation plan and a strategy for motorsport in NSW were all required to ensure Wakefield's sustainability.
Mr Henskens said the Coalition would work with Motorsport Australia and other stakeholders to develop a NSW motorsport strategy.
The council and others have been calling for this to overcome operating complexities.
Labor's reaction
The announcement came after Goulburn Labor candidate, Michael Pilbrow, challenged Mrs Tuckerman to a debate about the raceway's future.
The party had earlier pledged $1m towards noise mitigation at the facility and development of a motorsport strategy.
In a statement, Mr Pilbrow said the development was "a step in the right direction for Goulburn after Wakefield Park closed under Wendy Tuckerman's watch."
"Wendy Tuckerman first spoke about this issue in NSW Parliament in October - nearly six months ago."
"After dismissing NSW Labor's commitment to re-opening Wakefield Park, it is disappointing that (she) has waited until the eve of an election to make a fairly vague statement with respect to Wakefield Park's future.
"It remains unclear whether the Liberal government intends to do everything in its power to re-open Wakefield Park. "
"This was one if the first commitments I made when I was nominated as a candidate for Goulburn"
"At the heart of my commitment is a desire to get Wakefield Park back up and running."
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