State Labor leader Peter Malinauskas has promised to bring back the Supercars championship to Adelaide should Labor win the next election.

Mr Malinauskas left Adelaide for Sydney this morning, racing to meet with Supercars bosses in a last ditch attempt to revive the axed race weekend.

The meeting was reportedly successful, with the Labor leader and the organisers behind the Supercars championship signing a memorandum of understanding to bring back the race if his party are elected.

The agreement would mean that the future of the event now hangs on the results of the next state election, due to be held in March of 2022.

Premier Steven Marshall confirmed last Thursday that the 21-year-old race did not have a future in Adelaide, cancelling the 2021 event and opting not to re-sign contracts to extend the race past next year.

Mr Marshall has pointed to the rising costs of the event, coupled with declining interest in the series and falling crowd numbers as reasons for its axing.

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