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Why is it called the Sydney Telstra 500?

called Sydney Telstra
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Why is it called the Sydney Telstra 500?

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Quite simply, it is based on 2 x 250 km races. The first Championship leg of the race is held on the Saturday and the second leg on the Sunday. The street circuit at Sydney Olympic Park is approximately 3.4 km in length and as such, drivers will be required to drive some 74 laps in each race. Telstra was announced as the naming rights sponsor at the event’s official launch on Saturday, 16 May 2009.

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