In a shock turnaround, it seems a deal has been struck that will keep both Melbourne and the Australian Grand Prix on the
Formula 1 calendar for at least the next seven years.
The race – a fixture on the sport's schedule since 1985, firstly in Adelaide and post-1995 in Melbourne – has been under threat for some time, with
F1 ringmaster and commercial rights-holder
Bernie Ecclestone controversially arguing that neither the teams, drivers or sponsors have any desire to continue racing Down Under.
The race has accrued losses of some $160 million AUD over the past twelve years, with a number of suggestions the local government is not investing sufficient funds into the event.
Ecclestone also underlined that if the race is to carry on, it must be converted to a night-time grand prix – the first example of which is to be held in Singapore later this year – in an effort to procure greater European viewing audiences.
Now, however, the
Sunday Herald Sun reports that a deal to retain the Australian Grand Prix will be agreed within days, extending the contract to host the race around Albert Park to 2015.
A verbal agreement has allegedly been reached, with a senior source in Victoria's government confirming that the event will remain in Melbourne and revealing an announcement is ‘imminent', adding: “We haven't signed the deal but we're going to quite soon.”
Though the new deal is expected to include a later start time – believed to be around 5pm (6am GMT) – Tourism and Major Events Minister Tim Holding re-iterated that a night race remained 100 per cent out of the question.
“We have ruled out a night grand prix and that is not negotiable,” he stressed. “This is a good event for the state. It's one we want to keep, and we'll be working hard to ensure that it does remain here in Melbourne in the years ahead.”
