Formula One news

Financial setback for Melbourne

Australian Grand Prix organisers are blaming this year's Commonwealth Games for a dramatic loss generated by the Formula One event at Melbourne's Albert Park. The Victorian state parliament heard how the Australian Grand Prix Corporation recorede a loss of over 21million Australian dollars (approximately $15million US dollars) - almost double the loss of the previous year.

The report blames the fact that the Australian Grand Prix was pushed back almost a month from its traditionals season-opening date because of the Commonwealth Games.

However the economic benefit of last year's race to the region was apparently worth some $150million US.

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