The loss of the domestic V8 Supercars series as a support event could cost the Australian grand prix an extra $5m, according to media reports.
Amid the race’s record $21m loss last year, the magazine Auto Action reported that the absence at Albert Park this year of the popular touring cars is having an adverse impact on the sale of corporate hospitality packages and tickets, according to a leaked official estimate.
Melbourne’s annual formula one race is subsidised considerably by the local Victorian state government.
V8 Supercars will not support the event in 2007 due to a calendar clash but probably also because local F1 broadcaster channel 10 lost the TV rights for the V8 Supercars to a rival network (channel 7).
“A small number of companies who have a relationship with the V8 Supercars are not with us this year,” the race organisers’ chief executive Tim Bamford admitted.
At least seven sponsors of the GP have reportedly also pulled out ahead of the grand prix in mid March.
Local City of Port Phillip deputy mayor Peter Logan said: “There’s a general lack of interest in the (GP), and I think it’s just the event, it’s the same old thing and people are tired of it.”
GMMF1
DailyF1News.com
