Australia GP future doubt as costs soar

SYDNEY - THE future of Australia's Formula One Grand Prix remains in doubt with this year's Melbourne race costing taxpayers AUS$50 million (S$65.5 million), the Victoria state government said on Friday.
Victoria Tourism Minister Louise Asher said the state government could only guarantee its support of the Australian GP until 2015 upon the expiry of its contract with the sport's supremo Bernie Ecclestone.
'This is a very, very large taxpayer subsidy about which I am not comfortable,' Ms Asher told reporters.
Ms Asher said the fee paid to Ecclestone by the Australian Grand Prix Corporation for the right to host the race, reportedly to be at least AUS$25 million, is one of the largest single financial demands on the event.
She said new Victorian Liberal government will begin negotiations on the GP's future in 2013 to 2014. 'In late 2013 cabinet will look at the event in total ... and the price of the contract will be a significant part of the negotiations,' she said.
Figures released on Friday revealed an almost nine-fold increase in the taxpayer contribution to the Grand Prix since 2001 under the contract negotiated by the previous state Labor government. -- AFP