The state’s opposition leader Peter Malinauskas will fly to Sydney today in a last ditch bid to save Adelaide’s iconic Supercars event.

Mr Malinauskas is set to meet with Supercars bosses, he is expected to make a commitment to bring back the Adelaide 500 from 2022, if the state Labor party wins that year’s election.

The attempt to save the event comes following last week’s shock announcement that the famous race would be axed.

Premier Steven Marshall explained the decision not to renew the Supercars contract past next year pointing to falling crowd numbers and higher costs.

In a statement, the organisers behind the Supercars Championship expressed their regret for the state government’s decision.

It is understood that Supercars did not know about the decision long before it was made public.

Mr Malinauskas told The Advertiser that the race was essential for the state’s economy, with the hospitality sector set to be among the worst hit from the decision.

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“This event is the single biggest attractor of interstate visitation to our hospitality providers,” the opposition leader told The Advertiser.

This year, just over 206,000 people attended the four-day Superloop 500, a decrease in crowd size from 2019’s crowd of 254,000.