Melbourne not committing to F1 beyond 2014 17/11/2010 |
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Melbourne may not continue to host the Australian Grand Prix after its current contract runs out in 2014, the Premier of the state of Victoria John Brumby has admitted.
The race, which lost almost AUS$50m this year, has been held at a street circuit in the city's Albert Park since 1996, replacing a similar temporary track in Adelaide that had been the venue for the previous 11 years.
Brumby's ruling Labour party is up for re-election this month and the opposition has questioned whether the taxpayer should continue to pay for the losses.
"I know there's a range of views in the community and it is a costly major event, but we've got it until 2014," Brumby said. "We'll look at whether we go beyond that – I'm not making any commitment beyond that."
The race lost AUS$34m in 2007 and has posted losses in excess of AUS$40m for the last three years.
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