Sunbelt Developments Pty Ltd. of Australia's Gold Coast has paid more than $5 million to secure title sponsorship for CART's annual PPG Cup event in Queensland through the year 2000. The event will immediately become known as the Gold Coast Sunbelt IndyCarnival.

Over the years, IndyCarnival has become the most important event on the Queensland Event Tourism Calendar. said Bill Sheppard, chairman of IndyCar Australia. This naming rights sponsorship, along with Indy car racing's increasing profitability, is a sign that the event has well and truly established itself in the Queensland. This is an exciting development, not just for Indy, but for the Queensland tourism industry and the benefits that will flow to the state in general.

The Gold Coast Sunbelt IndyCarnival will held on the streets of Surfers Paradise, April 6.