Just three weeks before the cars take to the track in Melbourne, the Australian Grand Prix has lost its title sponsor DHL.

The exact reason for the logistics company's withdrawal is unclear but it is said to have pulled out even after negotiations with Bernie Ecclestone.

Qantas, which has previously been the title sponsor of the event, but reduced its involvement in the Grand Prix due to its own falling profits, is understood to have agreed to step up to the plate however, the money it is offering falls short of what was being asked for.

"We have secured a title sponsor," Australian Grand Prix chief Andrew Westacott told the Herald Sun. "We have finalised it, and with the partner we are just fine-tuning the details.

"The bottom line is that sponsorships overall are up, ticket sales are up, corporate sales are also up," he added, "people are supporting it."

Qantas refused to comment, other than confirming that it will be sponsoring the event.

Despite Westacott's claim that the Grand Prix is responsible for "impressive tourism numbers", the last minute withdrawal of DHL and the shortfall in terms of sponsorship revenue from Qantas will surely only further antagonise the hard pressed taxpayers of Victoria, already fuming at what they see as a financial "black hole".