Australian Racing Drivers' Club last week released a $350,000 report by Britain's Apex Circuit Design for the upgrading of Eastern Creek Raceway.

It was responding to a recent report that a consortium had demanded $30million from the NSW Government to stage V8-car-racing at Homebush streets that excludes $11million to install and dismantle safety barricades after each race.

Racing Drivers' Club president John Cotter called on Premier Morris Iemma to use Eastern Creek Raceway rather than the streets in Homebush when he released the report to the media.

Blacktown Mayor Leo Kelly supported V8-car races at Eastern Creek saying it is part of Blacktown Motor Sports Precinct Masterplan.

The Apex plan says the upgraded raceway can be Australia's first motor racing supercircuit equal to the world's best.

The new facility can be built within two years, basing it on more than 70per cent of the existing Eastern Creek circuit.

The existing infrastructure will let the supercircuit be built for $93million, about a third of the cost of a greenfields site.

The Racing Drivers' Club, which leases Eastern Creek Raceway from the Government, will do the financial modelling on payback timelines and funding.

Mr Cotter said the impending closure of Oran Park and the fact that Eastern Creek was already fully utilised demands action.

``The report meets the immediate need and maps a strategy to tourism and global recognition of Sydney,'' he said.

``The plan confirms an investment in a permanent facility is more advantageous than investment in a street circuit.''

Apex managing director Clive Bowen said the new circuit would be the most exciting and demanding and equal to those overseas.

``It will challenge the most accomplished driver, yet also appeal to corporate users,'' he said.