While the contracts have not been officially signed, The Journal can reveal promotor Jon Davison, through his company Rapid Australia, is on the verge of cementing a five-year deal with racing giant Bob Jane to hold the event at Victoria’s motorsport mecca Calder Park.

‘‘We completed an agreement with Calder raceway last week and we’re out of here.

‘‘We’re disgusted with the whole thing at Sandown and with the [Greater Dandenong] council.

‘‘How they could stand by and lose a major sporting event like that just absolutely amazes me.

‘‘They’ll never replace it, because no one will go and do business at Sandown, it’s too difficult.

‘‘We tried everything to have the event reinstated, but we got nowhere.’’

Calder Park events manager Prue Payne confirmed the negotiations were underway.

‘‘It hasn't been signed yet, but it will happen. We are just in the negotiating stages now.’’

She said they were hoping for a five-year deal, but wouldn't say how much the contract was worth, citing confidentiality.

Calder Park Raceway in Keilor is not surrounded by houses or businesses.

‘‘We don't have the noise restrictions that Sandown has, so it will be a great place to hold the four day event.''

Ms Payne said local business would be the big winner.

‘‘It will bring a lot of people over from the eastern suburbs.’’

‘‘Its been such a successful event over the years and all the local business like accommodation, service stations, restaurants, will all benefit from the amount of people that attend this event.’’

The Journal revealed in June Sandown’s operator the Melbourne Racing Club had terminated the contract — which still had three years to run — with Davison, due to breaches of permit. Residents around the complex had complained about noise generated by cars at the event.

Mr Davison said the parties’ lawyers were now jockeying over the terms of an arbitration hearing pertaining to the torn up contract.