Supercars officials remain confident of securing a new marquee event in New South Wales despite confirmation that Gosford will not join the series in 2017.

Gosford had long been targeted to replace the Sydney Olympic Park season finale, which will not continue beyond this year.

Supercars and its engineering partner iEDM had undertaken significant work on the bid, including the design of potential circuit layouts.

The recently amalgamated Central Coast Council has however announced that a race will not go ahead, citing both costs and disruption to local traffic as determining factors.

“On paper this looks like a fabulous opportunity for the Coast,” said Council’s Chief Executive Officer, Rob Noble.

“Then you drill down and realise we would have to close one of the main arterial roads on the Coast for more than four days.

“I know residents would rather we spent the money on roads they actually drive on every day.

“In the end it just didn’t stack up for us.”

Despite the news, a Supercars spokesman told Speedcafe.com that the championship remains in talks to bring a new event to NSW next year.

Newcastle has been touted as another possible alternative for a new NSW event to complement existing races at Sydney Motorsport Park and Bathurst.

Any new event, which would be held as the championship’s season finale, will require buy-in from both Destination New South Wales and the relevant local council.

“It’s disappointing for the Central Coast, but we have been working on a range of options for an exciting new events in New South Wales for 2017,” said the spokesman.

The Sydney Olympic Park event has been run since 2009, but will be dropped due to the high costs of operating the precinct.