A major event is coming to Phillip Island after the area lost millions of tourism dollars when the Australian MotoGP was axed.

The Bass Coast Festival of Motorsport will be held from October 22 to 24.

The weekend of elite motorsport will include a round of the marquee Supercars series and the Australian Superbikes.

CEO of the Australian Grand Prix Corporation, Andrew Westacott, says “it’ll replace anything that puts tourism bucks into Phillip Island”.

Tickets will be available at grandprix.com.au and motogp.com.au in the next few weeks.

Mr Westacott says he remains “very optimistic for Formula 1 in the early part of next year”.

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