Comprising $196 million cash and $45 million of advertising, the deal - the sport's biggest ever - covers all media rights, including digital, from 2015 to 2020.
V8 Supercars CEO James Warburton said the deal was “tremendous and significant” for the sport and will lead to “unprecedented coverage” across multiple platforms “never before seen on such a scale”.
“I would also like to thank Seven and their commitment to the sport since 2007 and of course their continued support for 2014, the final year of our partnership,” the former Ten chief executive and Seven executive said.
Seven – which obtained the rights from Ten following its 1997-2006 broadcasting of the category – said in a statement that it offered a "substantial increase on the current rights agreement", however, "V8 Supercars declined to build on this relationship beyond 2014.”
“We wish the sport, the teams and the drivers the best,” the statement said.
“We will give the V8s everything we’ve got in 2014."
Foxtel CEO and managing director Richard Freudenstein said the new relationship would significantly strengthen the sport's offering, with Foxtel and Fox Sports able to deliver a breadth and depth of coverage dedicated motorsport fans have never seen before.
“Not only will the series be available in amazing high definition on the Foxtel cable and satellite service, fans will also be able to enjoy all the action on the move with Foxtel Go or with the convenience of Foxtel Play,” Freudenstein said.
Fox Sports CEO Patrick Delany promised to give the sport the "Fox Sports treatment", pledging to show “every minute” of practice, qualifying, support categories and the Championship races all live and in HD, as well as innovate coverage "to take fans closer to the action". Weekly entertainment shows will also complement race coverage.
Ten Network CEO and managing director Hamish McLennan said, “We are delighted to welcome V8 Supercars back home to Ten in 2015.”
From 2015, V8 Supercars will join Ten's existing motorsport line-up of Formula One and MotoGP.
Kicking off in Adelaide on February 27, the 2014 V8 Supercars series will also see the return of Volvo to Australian touring car racing, with Polestar Volvo Racing entering two Volvo S60 racers under the banner of Garry Rogers Racing.
Red Bull Racing Australia's Jamie Whincup (pictured above) took out this year's V8 Supercars championship, claiming his fifth title in six years.