IMG applaudes NSW government'S Bathurst grant.

IMG Director of Motorsport Geoff Jones has applauded the NSW Government's announcement that it would be injecting $10 million into the upgrade of the Mount Panorama motor racing circuit at Bathurst.

IMG is the promoter of the Bob Jane T-Marts 1000 at Bathurst in October and plays the role of Event Organiser at this weekend's inaugural Bathurst 24-hour event.

Today's announcement comes after extensive lobbying from the Bathurst City Council, IMG, AVESCO (the governing body of V8 Supercar racing) and various other groups.

There is now a push for the Federal Government to match the State Government's contribution.

"There is no doubt that this race circuit is one of the greatest in the world, but our events have simply outgrown the ageing infrastructure," said Jones, from Bathurst today.

"Everything is in desperate need of an upgrade and the NSW Government's grant and the $4 million committed by the Bathurst City Council is a great start. The Bathurst City Council really needs to be congratulated on the work they have done to make this happen.

"We desperately need the Federal Government to also at least match the State's government's contribution so the job can be finished adequately.

"There really is a great opportunity to mould Mt Panorama into one of the greatest motorsport and community venues in the world."

After today's announcement, the NSW Government has stated it would be seeking a commitment to a V8 Supercar race at Mt Panorama for the next 10 years.

"The Bob Jane T-Marts 1000 has such a fantastic history at Mt Panorama and the new facilities will just take it to a new level and cement its future," said Jones.

"The upgrades will also open the door for the creation and development of other events like this weekend's 24-hour.

"This is all about providing better facilities for the teams, sponsors, media and, most importantly, the fans."