Despite being cancelled in January, the festival was saved by local motor racing enthusiasts Clint Pease and Greg Garwood, in April, after the duo bought the rights to the event from previous owner, Octagon Australia.

A determined crowd of more than 40 racing fans and concerned residents packed the Northern Midland Council Chambers overnight to take the first steps in reviving the festival's long legacy.

"We want new ideas to extend on what the event already offers," Mr Pease said.

"We want to bring the heritage of motorsport back into Longford."

While a number of suggestions were proposed to the festival's co-owners during the 90-minute session, Mr Garwood announced the pair's main objective was to bring the concept back into Longford's central business district.

"This is the first place in Australia to have a grand prix," Mr Garwood stated.

"We're going to take this back to where it all began."

Mr Pease admitted the festival may not generate massive revenue for the region and the concept needed to be revamped if it was going to continue to be successful.

"It's all about acknowledging history. We're not going to strip it back to nothing, but we want to try and keep everyone happy," he said.

"We want to have more for people, other than motorsport, but also more for motorsport enthusiasts."

While it is not yet confirmed, late February was discussed as a potential date for the event.