Formula One
28 November 2009
Formula One news
Australian Grand Prix reports heavy losses
30 October 2008The organisers of the Australian Grand Prix have reported a loss of almost 17 million pounds in 2008. Earlier this year local officials signed a five-year extension to 2015 to stage the Australian Grand Prix in Melbourne.
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According to Australian Grand Prix chairman Ron Walker the losses were likely to continue in the following years. Walker said: "In the current economic climate of high fuel and transport costs, the deficit between cost and revenue is expected to increase by 10 percent per annum."
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