A NAMING rights sponsor for the Lexmark Indy 300 is imminent following negotiations between Queensland Premier Peter Beattie, ING officials, Indy chairman Terry Mackenroth and a host of corporate players in Brisbane and Sydney.

Mr Beattie, who attended a business luncheon with more than 20 of Sydney's major players, says the naming rights of Australia's third-biggest sporting event will be available after October.

"Lexmark's wonderful, five-year association with the Gold Coast Indy has taken the company from a virtually unknown player to number two in its market," he says.

"Lexmark will continue to be an Indy sponsor, however the end of its naming rights contract creates a lucrative opportunity for another company to fast-track success in Queensland."

Since it started in 1991, the Indy has become the biggest motor sport event in Australia, now eclipsing the crowd at the Australian Formula 1 Grand Prix in Melbourne - which has come under fire for costing too much ($69.8 million).

"There are only two events in Australia that attract more people - the Australian Open Tennis and the Victorian Spring Racing Carnival," says Mr Beattie.

"The Gold Coast Indy, with its double whammy of CHAMP cars and V8 Supercars, generates more than $60 million a year in economic return for the Smart State and more than 173,000 visitor nights. Last year, more than 312,000 people came through the gates and the race was broadcast to 160 countries.

"The Queensland Government's annual investment in Indy continues to generate excellent returns for the Smart State economy and this sponsorship opportunity will deliver similar results to Lexmark's naming rights successor," he says.