The operators of the Eastern Creek race track in Sydney are hopeful that a major revamp could lead to the ultimate prize, the right to host the Australian Grand Prix.

Despite various threats to the race in Melbourne, both from Bernie Ecclestone and local politicians, the race will remain at Albert Park until 2015, however, Sydney is looking to snatch the race from its great rival when the time comes.

The $93m AUD revamp includes the construction of a convention centre, music arenas and a concert bowl, with 70 percent of the existing circuit forming the foundation of a new "super circuit", according to a report commissioned by the Australian Racing Drivers Club (ARDC), which operates the State Government-owned raceway.

While the F1 future of the British Racing Driver's Club owned Silverstone is very much in doubt, its Australian counterpart, the ARDC, is seeking to upgrade Eastern Creek by means of a joint venture with the Government and commercial sponsors.

However, only last week, the Government gave its approval for a V8 Supercar race at Olympic Park which, in addition to costing taxpayers $30m AUD will involve the uprooting of several hundred trees and uplifting several kilometres of tarmac at Homebush.

"If the Government only has money to do one of the projects - the street race or Eastern Creek - I would have thought a permanent race course would be a better investment," the ARDC's general manager, Geoff Arnold, told the Sydney Morning Herald. adding that the Government has reacted favourably to the proposal, thus far.

"If the State Government wants to throw $80 million into a street race that's their call," he added. "But why not put it into a facility that can be used 365 days a year and not just for racing, but for driving and motorcycle rider training? The drift bowl will give kids somewhere to drive in safety and under supervision rather than trying these things on the street."

The Government is under pressure to attract more events to New South Wales following a recent report commissioned by the Premier, Morris Iemma, found the Government's current approach to tourism had cost the state $3.5 bn AUD in "potential revenue" since the 2000 Olympics.

ARDC board member Allan Moffat is convinced that Sydney can reverse the post-2000 Olympic trend which has seen Melbourne take over as Australia's special events capital. As part of the sell, Moffat claims that Eastern Creek might be willing to host a night race, something which will be music to Ecclestone's ears.

"Bernie Ecclestone will get sick of Melbourne's refusal to host a night race," Moffat told the Daily Telegraph. "We would be in a position to take advantage. It would cost three times as much to develop a suitable facility on virgin land. We have the basis for it right here in the middle of Blacktown, Australia's fastest growing area."

Clive Bowen of Apex Circuit Design Ltd, the company which has drawn up the plans, claims the new facility could be built within two years. "We would simply have to run in cables and erect towers," he said.

One of the most significant changes to the track, under the new proposals, is that the track would be reversed so that it becomes anti-clockwise, making the fast turn 1 become turn 12.

"Regulations require a heavy braking zone at the end of the straight of a category one circuit," said Bowen. "It will be a spectacular sight in a natural amphitheatre."