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Australian Taxpayers Pay Millions To Host Melbourne F1 Grand Prix
Published January 24, 2013
FUTURE IN LIMBO: In Sydney, Ferguson & Atkins reported "revelations of a licence fee deal worth" A$30M-plus a year with Ecclestone "have endangered" the Melbourne Formula One Grand Prix's chances of remaining in Victoria. Local government and race officials warned Wednesday that "leaking of details of the confidential fee would make it harder to negotiate a new agreement." Australian Grand Prix Corp. CEO Andrew Westacott said Victorians "won't know what we've lost until it's gone" while the government indicated the state's hold on the race was slipping (THE AUSTRALIAN, 1/24). Also in Sydney, Mark Fogarty reported Victoria's annual fee to stage the race "is in the middle range" of what F1 races cost governments and promoters around the world. The fees range from nothing for the prestigious Monaco Grand Prix to as much as A$80M annually for the Abu Dhabi Grand Prix. The cost of race fees "is never officially acknowledged because all F1 race contracts" with the Ecclestone-run Formula One Management "have strict confidentiality clauses" (SYDNEY MORNING HERALD, 1/24).