If this race runs again it would surprise me, the detractors have been trying to shut this down for a couple of years and with the worldwide economic downturn they just might get their way this time.........
Australian F1 race posts record financial loss
MELBOURNE (AFP) - - This year's Australian Formula One Grand Prix lost a record 40 million dollars (27 million US dollars), the Victorian state government said Friday.
The blowout in the cost of staging the government-backed race comes just months after a deal was reached to continue hosting the event around the Albert Park street circuit.
Last July Melbourne clinched a new agreement to run the event until 2015 under a five-year licence extension, the terms of which remain confidential, including the staging fee paid to formula one head Bernie Ecclestone.
The deal was contingent on organisers holding a twilight event to boost television audiences overseas.
The loss exceeds last year's reported deficit by more than five million dollars.
But despite the continuing losses, the Victorian government said it remained a good event for the state.
Tourism and Major Events Minister Tim Holding said the race generated millions of dollars in economic spinoffs.
Premier John Brumby said that while the economic benefits of the race were significant he refused to say at what point the event would become financially unsustainable.
"We won't be writing a blank cheque and we clearly haven't reached the limit," Brumby told reporters Friday.
Brumby said the Australian Grand Prix remained a crucial part of Victoria's events calendar.
"If we didn't have this events calendar, if we didn't have our Grand Prix, if we didn't have our major events strategy, we wouldn't be getting the tourists in Victoria that we're getting at the moment," he said.
"The Grand Prix, it's one of the events that is crucial to our state, (but) all of these events cost money - there's no such thing as a free event."
Australian F1 race posts record financial loss - Yahoo! Singapore News