12/10/2006
NEWS STORY
Hot on the heels of the news that the Australian Grand Prix Corporation (AGPC) lost £8.27m on this year's race, a significant increase on the previous year's loss of £5.1m, there are rumblings in the local media regarding the fact that Grand Prix boss Tim Bamford earned $320,000 (AUD), significantly more than the $260,000 (AUD) Victoria Premier Steve Bracks receives.
This year's loss was largely attributed to the fact that the race was not the season opener, due to the city hosting the Commonwealth Games in early March, and the fact that many locals found themselves unable, or unwilling, to pay to attend both events.
However, the 2007 event clashes with the World Swimming Championships, while the refusal of the highly popular 5-litre V8 Supercars to race at the Grand Prix will add to the problems facing the organizers, who are already having to deal with the new ban on tobacco advertising.
In June, the Victorian state government approved as much as $52m Au (£20.4m) over the next four years in an attempt not only to bring new sporting events to the state but to retain existing events such as the Grand Prix.