Australian Formula One GP posts $40m loss
Posted by mortal
TAXPAYERS have again picked up the bill for Australia's Formula One Grand Prix after the motor race posted a $40 million loss in 2009.
In its annual report released today, the Australian Grand Prix Corporation blamed the effects of the global financial crisis for a drop in ticket sales, despite a boost in corporate sponsorship.
The 2008 Grand Prix also suffered a record $40 million loss, funded by the state Government.
The report says the corporation was not immune to the financial crisis but had anticipated its impact and adapted plans "to manage the conditions encountered".
Victorian government revenue from the event remained steady at $40.2 million, a slight increase from the previous year.
The race was this year run as a twilight program to cater for European fans.
[www.mediafire.com] Some say you should click it, you know you want to.
[www.gp4central.com] <----GP4 Central
In its annual report released today, the Australian Grand Prix Corporation blamed the effects of the global financial crisis for a drop in ticket sales, despite a boost in corporate sponsorship.
The 2008 Grand Prix also suffered a record $40 million loss, funded by the state Government.
The report says the corporation was not immune to the financial crisis but had anticipated its impact and adapted plans "to manage the conditions encountered".
Victorian government revenue from the event remained steady at $40.2 million, a slight increase from the previous year.
The race was this year run as a twilight program to cater for European fans.
[www.mediafire.com] Some say you should click it, you know you want to.
[www.gp4central.com] <----GP4 CentralIts disappointing considering the event is a fantastic spectacle, and very well run.
However, it seems that (unusually) both political parties are in support of the Australian race for now at least, so hopefully this support remains.
X (@ed24f1)
However, it seems that (unusually) both political parties are in support of the Australian race for now at least, so hopefully this support remains.
X (@ed24f1)
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