F1 CEO Bernie Ecclestone "appears to have taken a pay cut" to keep the F1 Grand Prix in Melbourne, with Victorian Premier Denis Napthine describing a new, five-year contract as "significantly better" than the current agreement, according to Chip Le Grand of THE AUSTRALIAN. Napthine "declined to confirm what fees would be paid" to Ecclestone’s Formula One Management as part of the new contract, which will keep the race at Albert Park until '20. But when pressed on whether the fee for the '16 race -- the first under the new contract -- would be more or less than the fee for next year’s race, Napthine said, “I can tell you the new contract is significantly better for Victoria than the previous contract.’’ Under the new terms, the Australian Grand Prix, run in March, "cannot be raced under lights and must be the opening race of the F1 season." Napthine said the deal “locked in’’ the current start time of 5pm. He said, “It is going to be run in daylight time.’’ The twilight start time "was a firm condition" of the Australian Grand Prix Corp. A later start time was favored by Ecclestone "to generate greater television revenue in Europe" (THE AUSTRALIAN, 8/4). In Melbourne, Rolfe & Johnston wrote the premier distanced himself from Ecclestone, saying that "he did not agree with some of Mr Ecclestone’s views -- including on homosexuality." He refused to comment on Ecclestone’s coming trial on bribery charges, saying that "it would not be appropriate for him to comment." After more than a year of negotiations, "the contract was signed in London late last week." Napthine hailed the outcome as a “fantastic” win for Victoria, and said the Grand Prix was an integral part of the state’s successful major events strategy. Last year’s Grand Prix cost taxpayers A$50.67M "and a similar public subsidy is expected for this year’s race." F1 sources said the revised deal was “comparable or better’’ than the existing contract due to expire next year, in line with demands by Napthine that it be a “fair deal for Victorian taxpayers’’ (HERALD SUN, 8/3).
