[Update] Bungie has released an update post explaining the details of Sparrow racing, revealing that the event will conclude on December 29th and kicking off on December 9th.
The Sparrow Racing League will welcome competitors to participate in a six-player free-for-all death race through enemy territory. After the update goes live on December 8th, visit Amanda Holliday in the Tower. She’ll be your Quartermaster for the event. Grab and quest and some bounties. Then, take your mark on the starting line. You might also check in with Tess. Eververse Trading will have some flair to make the event a little more fun, and a little more stylish.
They also released the following ViDoc:
[Original Story] Sparrow Racing is something that Destiny’s community has been asking for a long time now, in an attempt to get more fun out of the game, and find some use for those hovercrafts.
And now Bungie has answered, announcing during Sony’s PlayStation Experience that a Sparrow Racing League will be released for the game from next week.
To be released on December 8th, it will allow anyone who already owns Destiny: The Taken King to race their friends on either Mars or Venus, the winner of which will get the chance to grab one of Destiny’s new and exclusive Sparrow bikes.
The event will last three weeks, but aside from that we don’t know much else, we do expect that Bungie will reveal more soon however, at which we will update this article.