The chairman of the troubled Gold Coast SuperGP race meet reportedly tendered his resignation as early as last Friday, despite telling reporters at a press conference 24 hours later he "won't be sacked".

Terry Mackenroth - a former Labor deputy premier - has been under fire over next weekend event's organisation, particularly since the withdrawal of the A1GP international open wheeler series.

Mr Mackenroth told Network Ten that he had tendered his resignation letter to Sports Minister Phil Reeves as early as Friday.

However, he still attended a press conference the next day where he declared he "won't be sacked".

Mr Reeves, who was standing next to Mr Mackenroth at Saturday's press conference, did not clarify that a resignation letter had already been tendered.

A spokeswoman for Mr Reeves on Monday would not confirm the letter was received on Friday.

However she said Mr Mackenroth's resignation couldn't be accepted until Premier Anna Bligh returned from her overseas visit to India on Monday.

There are also calls for Mr Reeves to be sacked, but Ms Bligh said he had done everything in his power to make the A1GP race a reality.

"Phil Reeves, as minister for sport, has done the right thing in my view in maintaining constant contact with both the board and getting assurances from them," she said.

"As soon as it was obvious to him on Friday that this was not going to proceed, (he began) putting his mind to making this event the best that it could possibly be."

Ms Bligh said the A1GP had lied to the government.

"It would seem that the A1GP simply lied, that they deliberately misled, right up until Friday, they were giving assurances that this race would go ahead," she said.

"When you're dealing with people like that, it's very hard.

"These are people who, frankly, I think acted in bad faith, and I would recommend anybody else who might be dealing with them anywhere else in the world to take great caution.

"These are not people you can trust."

An independent review of the SuperGP will begin next Monday and the government is seeking legal advice on whether it can sue the A1GP.

The opposition has called on the government to release its due diligence report on the A1GP, carried out by event partners IMG, or it will refer the matter to the auditor-general.

Opposition Leader John-Paul Langbroek said he had warned of financial problems with the A1GP company months ago, and was worried the Gold Coast now had no hope of success with its 2018 Commonwealth Games bid.

"Very obviously the government have bungled this, have made the Gold Coast an international laughing stock," Mr Langbroek told reporters in Brisbane.

He wasn't the only one who heard alarm bells ringing.

"Mate, I knew months ago," veteran V8 Supercars driver Russell Ingall said.

"For sure they could have sorted this out a bit earlier."

The V8 Supercars have extended their Gold Coast program to fill the void left by the A1GPs, running four 150km races instead of the planned two 200km events.

A legends race has also been added to the program.

But Gold Coast Tourism chief Martin Winter told ABC Radio the event could not rely on the V8s.

"The important thing is we replace this with another international event," Mr Winter said.

"The most important thing is that does get heavy television coverage.

"If we can get coverage, beaming into households across Europe and Asia, it's the best way to get your message across."