The Victorian Government has signed a new agreement that will keep the Australian F1 Grand Prix in Melbourne until 2020.
The deal was signed in London last week after more than a year of negotiations and assures the Melbourne race will remain the first of the Formula One season.
Victorian Premier Denis Napthine said the outcome was a “fantastic” win for Victoria, and said the Grand Prix was an integral part of the state’s successful major events strategy. The deal ends months of speculation about whether the Government would keep the event in an election year.
While the Victorian Government will not reveal how much the contract cost, Mr Napthine says it is the best deal for the state. “This delivers enormous jobs and economic benefits to our state and reaffirms Melbourne and Victoria as the sporting and major events capital of the world,” he said.
According to the Premier, the Grand Prix creates up to $39 million for the economy and about 400 full-time jobs. Melbourne has hosted the Australian event since 1996 when it moved from Adelaide.Last year’s event cost taxpayers about $50 million.
As reported by The Herald Sun, the contract ensures Melbourne branding will be displayed prominently during the event, support categories such as V8 Supercars will be staged in conjunction with the F1 program, and proceeds from corporate hospitality will go to the Australian Grand Prix Corporation rather than F1 management in London.
“To know there are many more home Grands Prix to come is great,” said Australian F1 champion Daniel Ricciardo. “I’ve got to say as an Aussie, no one does the event quite like Australia.”
