SA’s premier has confirmed iconic rock band AC/DC will be the headline act for the Adelaide 500 supercars event in November.

Peter Malinauskas says the coup, first revealed by 9News last week, followed 18 months of negotiations.

“It will dramatically elevate the status of the event on the streets of Adelaide,” he said.

He said that for $99 fans will be able to go to the Supercars Grand Final on Sunday and see an AC/DC at the same time.

“So it will be two for the price of one,” Malinauskas said.

A taxpayer-funded incentive is understood to have been part of the agreement to bring AC/DC to Adelaide as part of their Australian tour.

“We believe it’s an investment that is worthwhile given our ability to recoup the revenue,” the premier said.

9News understands the Adelaide Oval was considered as a potential venue, but logistical challenges associated with moving the supercars crowd led to the decision to host the concert in the parklands.

“This is potentially the last time they will playing live in Australia and we have got the only festival-style event,” Malinauskus said.

Tickets for the BP Adelaide Grand Final, including access to the AC/DC concert, will go on sale from 10am on Thursday.