V8 race fails by $750,000

Auckland's failed bid for the V8 supercar race series has cost ratepayers almost $750,000, including legal costs of nearly $300,000.

The city council failed in its attempt to host the supercars from next year despite a spirited battle by previous mayor John Banks and his Citizens & Ratepayers Now allies.

The circuit around Victoria Park did not get resource consent.

City Vision councillor and finance chairman Vern Walsh said the bill was an "outrageous waste of ratepayers' money for a proposal that was always going to have difficulty obtaining resource consent".

Work on trying to resolve the traffic hurdles cost ratepayers nearly $450,000.