Incoming V8 Supercars chief executive James Warburton will begin his role by meeting Queensland government officials next week to clarify the future of the Gold Coast 600 street circuit event.

Warburton will step into the role on Monday and has already teed up meetings with several government ministers amid reports funding for the annual event at Surfers Paradise is set to be cut in next week’s state budget.

A News Limited report on Wednesday claimed the Newman government will dramatically slash their current $7 million in annual funding for the Gold Coast race.

Currently V8 Supercars holds three events in Queensland, the Gold Coast 600 as well as the Townsville 400 and another round at Queensland Raceway in Ipswich.

All three events receive state government funds but it’s believed no cuts will be made to funding for the Townsville and Ipswich events.

The Gold Coast event has endured a troubled recent history following its IndyCar-inspired heights in the 1990s and early 2000s.

V8 Supercars had to take over management of the event following the no-show of the IndyCar replacement A1 GP series in 2009 and a format featuring internationally-based co-drivers alongside V8 championship regulars hasn’t delivered the same crowd numbers as in the IndyCar days.

A V8 Supercars spokesman said talks were ongoing with the existing deals for all three Queensland events running out this year.

“What has been reported is pure speculation,” the spokesman said.

“We are in the midst of discussions with the government with a view to moving beyond 2013.”