The V8s, which have aired on Seven for seven years, consists of $196 million cash and $45 million of advertising – the biggest ever secured for the sport.
The event will switch to TEN / Foxtel after next year, with high definition coverage on FOX Sports.
V8 Supercars CEO, James Warburton (pictured, second from left), said: “This is a tremendous and significant deal for our sport. It is a great boost to our amazing race teams and fans and will lead to unprecedented coverage on multiple platforms for our sport, never before seen on such a scale.
“I thank Richard Freudenstein, CEO and Managing Director of Foxtel; Patrick Delany, CEO of FOX Sports; and Hamish McLennan, Chief Executive Officer and Managing Director of TEN Network Holdings, for their plans and commitment to grow this sport to unprecedented levels.
“I would also like to thank Seven and their commitment to the sport since 2007 and of course their continued support for 2014, the final year of our partnership.”
Foxtel CEO and Managing Director, Richard Freudenstein (pictured third from left), said: “Foxtel is delighted to partner with V8 Supercars, Australia’s pre-eminent motorsport series. This relationship will significantly strengthen our sports offering and give yet another reason to subscribe to Foxtel.
“Hundreds of thousands of Australians love motorsports and I know that dedicated fans will be delighted that Foxtel and FOX Sports will be able to deliver a breadth and depth of coverage of the V8 Supercars Series that they’ve never seen before.
“Not only will the series be available in amazing High Definition on the Foxtel cable and satellite service, fans will also be able to enjoy all the action on the move with Foxtel Go or with the convenience of Foxtel Play.”
FOX Sports CEO, Patrick Delany (pictured, right), said: “V8 Supercars have a proud history of innovation. We relish the opportunity to work with talented V8 Supercars race teams and the team at V8 Supercars TV to give the sport the FOX Sports treatment – every minute of practice, qualifying, support categories and the Championship races – all Live and in stunning HD.
“We will be there for the fans and we will make no compromises in delivering them the finest coverage. We will focus on innovating coverage to take fans closer to the action, the heroes, the stars and the insights. There will be weekly entertainment shows to complement the Live race coverage and a massive promotional platform via not only our seven FOX Sports channels but the entire Foxtel platform,” he said.
TEN Network Chief Executive Officer and Managing Director, Hamish McLennan (pictured, left), said: “We are delighted to welcome V8 Supercars back home to TEN in 2015.
“V8 Supercars is an iconic Australian sport, reaching into every part of the country, and James Warburton and his team have big plans to make it even stronger and better.
“TEN is now truly the home of motorsport. Formula One, MotoGP and V8 Supercars will make a powerful, exciting combination for all our viewers and advertisers. Today’s announcement is in line with our strategy of investing in premium live sport and adding more Event TV to TEN.
“I’m personally looking forward to seeing the Supercheap Auto Bathurst 1000 and other great V8 Supercars events on TEN,” he said.
TEN’s release does not provide broadcast details of its V8 races.
James Warburton, a former Seven and TEN exec, has said parts of the series will be exclusive to subscription and parts will be simulcast on free-to-air.
In a statement Tim Worner CEO of Seven said, “The Seven Network has been a strong and a positive partner for V8 Supercars over the past seven years.
“We have dramatically increased the quality of the television broadcasts and expanded coverage of the sport across our media platforms.
“We put forward an offer for a new television rights agreement that represented a substantial increase on the current rights agreement and one which made financial sense for Seven and V8s and would have ensured its presence on Australia’s leading television network for years to come.
“V8 Supercars declined to build on this relationship beyond 2014. However, we look forward to broadcasting V8s next year, the final year of our agreement and leaving the sport in good shape.
“We wish the sport, the teams and the drivers the best. We will give the V8s in 2014 everything we’ve got in the way that only Seven can.
“We have a very strong sports line up across a wide range of live sports that the Australian public love to watch on Seven and this situation will inevitably lead to other opportunities and we will be very ready for them.”
Rick Kelly, Nissan Motorsport co-owner and driver of the #15 Jack Daniel’s Nissan Altima V8 Supercar welcomed the news.
“From a team owner’s point of view, it’s a very exciting day for Nissan Motorsport and the championship,” he said.
“This new deal is a real credit to James Warburton and his team at V8 Supercars.
“James has a strong background in the television industry and this news really cements the future of our sport and gives a clear indication that V8 Supercars is heading in the right direction.
“In these tough commercial times, to do a significant, long-term deal is very positive for our team and three key stakeholders Nissan, Jack Daniel’s and Norton.
“It will help build our race team into an even stronger force in the years ahead.”
V8 Supercars also announced new three-year deals with the Queensland and New South Wales Governments for four events on the Gold Coast, Townsville, Sydney and Ipswich, with an additional Championship event in Sydney at Sydney Motorsport Park in 2014.