Bosses of the Motor Show have signed a deal to stage the premier car event in London for ten years.
Birmingham was reeling last week when it was announced that the show, staged at the NEC for 26 years, would be hosted at the ExCel exhibition centre in London's Docklands next year.
But last night's announcement dealt an even harsher blow to the city.
The Birmingham Chamber of Commerce has estimated the deal, which is binding until 2014, will lose the local economy more than #500 million because #100 million was made every two years that the show was held.
Kevin Murphy, deputy chief executive of ExCel, confirmed: "A deal has been agreed and signed to take the Motor Show at ExCel in London to 2014."