Speculation was rife when the Speedcafe.com website said on July 7 that a deal worth as much as $4 million to buy the 12 Hour’s promotional rights was in the works.

At the time, V8 Supercars chief executive officer James Warburton said rumours of a takeover were “speculation”.

In Thursday's landmark agreement for GT racing in Australia, Supercars Events (operating as a business for V8 Supercars) and Bathurst Regional Council will take over running the event from 2016.

Yeehah Events has operated the 12 Hour since 2007 in partnership with council.

“Yeehah Events’ James O’Brien and his team have done a fantastic job to establish the event and we are very proud to be able to add our expertise to take it to the next level,” Mr Warburton said.

Mr O’Brien said Supercars Events would significantly enhance the race he revived in 2007.

“The Liqui-Moly 12 Hour is now ready to establish itself as a major international endurance event, however, to achieve this it needs an organisation with the right resources,” he said.

“Supercars Events is the right team to realise our vision and continue what we began all those years ago.”

Bathurst mayor Gary Rush said Supercars Events’ enduring relationship with council would ensure the region would have two of the world’s best motorsport weekends.

“Council is excited to be entering into a new arrangement for the Liqui-Moly Bathurst 12 Hour and we look forward to being involved in the continued growth of the event,” he said.

“We have been a partner in the 12 Hour with Yeehah Events from the start and this is another step in the evolution of the event which has firmly established itself on the motorsport calendar.

“Mount Panorama is an iconic motor racing precinct and the growth and increasing popularity of the Liqui-Moly Bathurst 12 Hour, together with the Supercheap Auto Bathurst 1000, can only be positive for both our city and motorsports in Australia, and provide a boost to not only our local economy but that of NSW.”

Mr Warburton confirmed V8 Supercars would not hold a pre-season test day at the Bathurst event.

The Liqui-Moly Bathurst 12 Hour will remain as an international GT race in its current format.

Seven will broadcast next year’s Bathurst 12 Hour Sunday race and the event will also be streamed live online.

The 12 Hour will run from February 5-7.