Formula One news

More losses announced for Australian GP

Taxpayers in Melbourne are likely to be angered after more post-race losses were announced following this year's opening Formula One event of the season. The Grand Prix at Albert Park may be a highly popular fixture on the F1 calendar although losses are up again this year to £23m.

Ron Walker, Australian Grand Prix Chairman

With the last five years' races having cost those living in the State of Victoria an average of AUD$30m (£17m) per year, this year's costs are higher than those of 2008 after spectator numbers fell by 16,000 to 287,000 in total; figures released by race organisers the Australian Grand Prix Corporation show that overall revenue dropped this season from $43.2m (£24.8m) to $35.3m (£20.3m).

"The results of the new twilight race timing (5pm local time start as opposed to mid-afternoon) were of enormous benefit to Melbourne and Victoria," Ron Walker, Chairman of the Australian Grand Prix Corporation, told The Age.

However, Peter Logan of the 'Save Albert Park' group claims that there were less grandstands available for the public this year and that attendance figures are likely to be inaccurate. "I think it's just terrible; the taxpayers are paying for this event and no-one is benefiting," he said. "The event has done its time in Melbourne."

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