AUSTRALIAN GRAND PRIX LOST A$50 MLN THIS YEAR

MELBOURNE, Sept 17 (Bernama) -- The Formula 1 Australian Grand Prix recorded
a loss of almost A$50 million (RM146 million) this year, the biggest loss in
five years, according to the Australian Grand Prix Corporation's annual report.

The report, tabled in the Victorian state parliament here Thursday, said the
global financial crisis had continued to have a "significant impact" on the
event held in Melbourne in March.

It noted that despite cost-cutting, expenses had increased due to the costs
of staging the twilight race.

The corporation incurred a A$49.2 million (RM144 million) loss in 2010, more
than double the amount lost in 2006.

The loss was countered by state government investment of the same amount.

The report said a further A$7.8 million (RM22.8 million) has been allocated
by the government for future investment in an upgrade of the race's home circuit
at Albert Park.

It also disclosed that eight Grand Prix Corporation executives were each
paid more than A$100,000 (RM293,300).

Victorian State Tourism Minister Tim Holding said in a statement that the
Grand Prix's economic benefits to the state far outweighed the cost of staging
it.

He said the 2010 Grand Prix had attracted the biggest crowd in five years
and was seen on television by about 12.8 million people in Europe.
-- BERNAMA