The Adelaide 500 supercars race will make a comeback later this year after the event was cancelled in 2020.
"The Adelaide 500 is coming back and it's coming back in a new and refreshed way in December this year," Premier Peter Malinauskas announced from the Britannia Hotel in Norwood.
He also announced that Adelaide Oval chief executive Andrew Daniels would be chairing the South Australian Motor Sport Board, tasked with planning the event.
"We have big ambitions to ensure that this festival is at the epicentre of motor sport globally once a year in December.
"We know that motor sport attracts a lot of people to our state."
He said the former Liberal government had been unable to sell off a lot of the infrastructure for the Adelaide 500 when it cancelled the event in October 2020.
Reviving the Adelaide 500 was a $15 million pledge Labor took to the recent election.
Mr Malinauskas said his desire to bring back the Adelaide 500 was not just to "satisfy the passion of motor sport enthusiasts", but to create jobs in the hospitality and tourism sectors.
"The very industries that have been doing it tough and paid the biggest sacrifices throughout the COVID crisis – they deserve this event to come back," he said.
Mr Malinauskas said Mr Daniels had turned Adelaide Oval into an "iconic venue" and would do the same for the Adelaide 500.
But he said the board had a "tight time frame" to get it organised by December.
"There will be challenges but we are capable of meeting those challenges," he said.
Mr Daniels said the Adelaide 500 "brings an enormous buzz" into the city, and he appreciated how much work would need to go into the four-day festival to get it ready by December.
"South Australia has an international reputation for staging great events, and great motor sport events in particular, going back all the way to 1985," he said.
He said the event was previously held during March and clashed with a lot of other events around the same time, but would now be held before the annual Test match in December.
Mr Daniels will be retiring from his position at Adelaide Oval in May.
