The Victorian opposition party today has “called for greater ministerial scrutiny” of the F1 Australian GP Corporation’s spending following a net loss last year, according to Sam McClure of the Melbourne AGE. The event last year posted a $60M (all figures U.S.) loss, after the Victorian government “foiled” a 10-year, $943M bid from the New South Wales government to stage the event in western Sydney. The race is contracted to remain in Melbourne until 2037. Australian GP Corporation Chair Martin Pakula said Melburnians “would be furious [if the race went to Sydney].” Victorian Minister for Tourism, Sport, Events & Hospitality Sam Groth said the grand prix “can’t continue to run” at such a deficit each year. Pakula “was adamant” the AGPC was “doing everything it could to increase revenue and reduce costs.” He said, “The reality is, when you want to be in the business of running an F1 event, there’s a cost involved.” Despite a “small price rise” for an average ticket -- a general admission pass on Sunday is $106 compared with $94 last year -- tickets for Friday, Saturday and Sunday “sold out in three hours.” Daily capacity at the event at Albert Park has been “increased from 130,000 to 135,000 people.” With F1’s rise in global popularity over the past decade, Pakula suggested the Australian GP “could rival other sporting events as a jewel in Australia’s sporting crown” (Melbourne AGE, 3/13).
Calls arise for more oversight of F1 Australian GP spending after $63M loss
