The man who brought antique sports car racing to the streets of Los Angeles last year is at it again, but this time he’s brought in the pros Nascar drivers and their souped up Tauruses, Grand Prixes and Monte Carlos.

Last year’s vintage race was a financial disappointment, acknowledged Bill Burke, president of LA Events. But he’s hoping for better luck with Nascar racing, which claims to be the No. 1 spectator sport in the United States.

“For two months after the first race, I said I would never do another car race,” said Burke, who also runs the L.A. Marathon and chairs the South Coast Air Quality Management District. “But when I had the opportunity to have Nascar, the old competitive energy began and I am out there doing it. It’s a chance to have another professional sport in Los Angeles.”

The race will take place in Exposition Park, near USC, the Memorial Coliseum and the museum complexes. The main event will be the Nascar Featherlite race, sponsored by Iowa-based Featherlite Trailers, and featuring 160-mph fiberglass models slightly smaller and lighter than the steel-bodied production models driven in the Winston Cup series.

“It’s professional sports and not antiques,” said Lee Elder, a Nascar spokesman. “This affords us a chance to hit the major market in Southern California. We’re right in the middle of L.A. It’s good for the sport.”

Burke said the three-day race will cost $3.5 million, a portion of which will be underwritten by Ford and other sponsors such as Kragen Auto Parts, America Online and Galpin Ford. Ford dealers are offering tickets when customers service their vehicles at their garages, Burke said.

For contractual reasons, Burke declined to disclose the fees sponsors paid. He also would not disclose the number of comp tickets that will be given out to promote the event.

In addition to corporate sponsors, the city of Los Angeles will spend more than $100,000 on the event for traffic control and maintenance, said Dee Carey of the city administrative office.

The race, however, will not be televised. Burke said he could not come to terms with a TV sports network.

Burke declined to reveal how many tickets he has sold and how many fans he expects at the races. But he said he expects a large walk-in crowd on the day of the races. Prices start at $10 and go up to $50.

Burke did say that to break even, LA Events needs to sell at least $1 million in tickets.

Last year’s antique race cost $2.8 million, and Burke said he lost $1.5 million. “From the economic side, I was ready to put a gun in my mouth,” he said.

Nascar’s Elder said he was aware of the financial problems last year.

“We are dealing with two different animals,” he said. “A year ago, it was vintage cars. These are racecars, not antiques. It’s not going to be a parade of nostalgia. People will be coming to see and hear the American stock car, V8 echoing off the skyscrapers of Los Angeles.”

L.A. City Councilman Mark Ridley-Thomas also believes this year’s line-up will be more successful.

“The Nascar race will have a much larger draw,” said Ridley-Thomas. “There is no doubt that last year’s event was not that successful. This is a very different set-up.”

Kevin O’Brien, vice president of communications for the Long Beach Grand Prix, agreed but said there is still going to be a financial risk to the venture for LA Event’s promoters.

“I think street racing can be classified as a risk for the first couple of years,” said O’Brien. “It is a rule of thumb that when you put on a street event, there is a maturation process. Any promoter who is experienced in this expects to lose money or break even for the first couple of years.”

O’Brien added that if the race can draw some of the bigger-name Winston Cup drivers, the event will have a lot more interest. So far, Winston Cup series stars Ken Schrader, Chad Little and Mark Martin have committed to participate in the race, Burke said.

Street Race weekend begins on Saturday, Sept. 5 and ends on Labor Day Monday, Sept. 7. Drivers will navigate a 1.4-mile, six-turn course that borders the Sports Arena, the Coliseum, USC and the new California Science Center. The cash prize for the main event is $100,000.

The course is being built with 10 million pounds of concrete flat rail, nine miles of protective fencing and nine miles of steel rope. Once completed, the racecourse will be able to accommodate speeds of over 160 mph.

In addition to the Nascar event, there will be a sports car race featuring Porsches and other exotics like Ferraris and Lotuses and sanctioned by the Sports Car Club of America. There also will be a truck race involving souped-up pickups, and a Formula 2000 race (small Indy cars.)