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Australia hoping to realise cheaper grand prix
The Victoria state government is hoping to be able to reduce the amount it pays to host the Australian Grand Prix each year in a bid to make the event more palatable for tax-payers.Figures uncovered by a local newspaper have only served to fan the flames of annual concern over the amount of money being spent to stage the grand prix as, according to the Melbourne Herald Sun, the state is shelling out more than $30m a season under its current five-year agreement for the race in Albert Park. The fee is set to increase by five per cent with each successive event under the escalator system imposed by Bernie Ecclestone and Formula One Management, which handles race contracts. The report claims...
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