Auckland has received a proposal to host the V8 Supercars a month before Hamilton cuts its ties with the event that has cost ratepayers about $40 million.
The city council's tourism and events division yesterday said it had received a proposal from V8 Supercars Australia in the past week and was carrying out due diligence and a cost-benefit analysis.
Mayor Len Brown is giving qualified backing for spending ratepayers' money on the event, and supports V8 Supercars' preference for Pukekohe Raceway.
"I am extremely cautious around costs, particularly given the experience of Hamilton.
"No decision will be made until we are absolutely satisfied that costs, benefits and risks are not only known, but are proven to a very high degree of certainty to be reliable and affordable," Mr Brown said.