Australian Grand Prix - Albert Park

MELBOURNE (AFP) -- This year's Australian Formula One Grand Prix lost a record 40 million dollars (27 million US dollars), the Victorian state government said Friday. The blowout in the cost of staging the government-backed race comes just months after a deal was reached to continue hosting the event around the Albert Park street circuit. Last July Melbourne clinched a new agreement to run the event until 2015 under a five-year licence extension, the terms of which remain confidential, including the staging fee paid to formula one head Bernie Ecclestone. The deal was contingent on organisers holding a twilight event to boost television audiences ... Read Full Story

MELBOURNE (AFP) -- This year's Australian Formula One Grand Prix lost a record 40 million dollars (27 million US dollars), the Victorian state government said Friday. The blowout in the cost of staging the government-backed race comes just months after a deal was reached to continue hosting the event around the Albert Park street circuit. Last July Melbourne clinched a new agreement to run the event until 2015 under a five-year licence extension, the terms of which remain confidential, including the staging fee paid to formula one head Bernie Ecclestone. The deal was contingent on organisers holding a twilight event to boost television audiences ... Read Full Story

Sydney is aiming to prise the Formula 1 Australian Grand Prix away from its current home in Melbourne. The Eastern Creek circuit in Sydney is preparing a major redevelopment that will fit in with Bernie Eccelstone's remit of running a night race in the Southern hemisphere and providing a more suitable time for broadcasting to Europe. The organisers of the Australian GP in Melbourne recently stuck a deal with Ecclestone that runs until July 2015 that sees the race start at 5pm local time from 2009. However, Australian Racing Drivers' Club board member Allan Moffat believes the F1 supremo will soon grow weary of ... Read Full Story

The definitive list, to find the world's best F1 driver, ever - deceased or living Vote for your favourite, or add your own Read Full Story

It’s official. There will be no Grand Prix in the city of Montreal for the 2009 season. Montreal was the only North American city that held the Grand Prix. Year after year, people from all over the world would gather in my hometown to pretty much party for a weekend. Streets would shut down, F1 events would take place. It was one big celebration. The reason for the no show next year? Like everything else it has to do with money. It’s becoming an event only the elite can afford to take on. When it became law that cigarette advertising would not be allowed ... Read Full Story