07/11/2007
NEWS STORY
Australian broadcaster, the Nine Network, is claiming that the organizers of the Australian Grand Prix in Melbourne are involved in "secret plans" to move the event from its current location in Albert Park to Flemington Racecourse, home of the world famous horse race, the Melbourne Cup.
It is claimed that Australian Grand Prix Corporation chairman Ron Walker met with Bernie Ecclestone in London last week, where plans to move the race topped the agenda.
The reason for the move is money, with a permanent facility possibly saving an estimated $20m (AUD) a year. Previously, organizers had looked at the idea of moving the race to Melbourne's Sandown Racecourse but the site was thought to be too small.
News of the potential move follows last week's report that the 2007 Australian Grand Prix lost $34.6m (AUD), with revenue down from $47.5m (AUD) in 2006 to $43.4m (AUD) this year.
The current contract runs out following the 2010 race, which is when the proposed move could take place.