Australian Grand Prix to Stay in Melbourne Until 2020

Updated: 03 August 2014 11:28 IST

Organisers of the Australian Grand Prix have agreed to the extension of the race from 2016 to 2020 after the conclusion of 12 months of negotiations in London.

Australian Grand Prix to Stay in Melbourne Until 2020
In this file photo, Nico Rosberg passes the chequered flag as he win the Australian GP 2014. © AFP

Sydney:

The Australian Formula One Grand Prix will stay in Melbourne until 2020, the Victorian state government said on Sunday, after the conclusion of 12 months of negotiations in London.

Victorian Premier Denis Napthine hailed the extension of the race from 2016 to 2020, and said he looked forward to Australian Daniel Ricciardo of Red Bull winning the Albert Park race during that time.

He said the new contract was agreed to last week after a year of negotiations in London.

"This is a terrific announcement that reaffirms Melbourne and Victoria as the major events and sporting capital of the world," Napthine told Fairfax Radio.

The GP is funded by the Victorian state government, and has consistently lost money since Melbourne replaced Adelaide as Australia's Formula One venue in 1996.

But Napthine said the contract would be a "great deal" for taxpayers.

"It's a better deal than the existing contract," he added.

The sport's ringmaster Bernie Ecclestone said in the same statement the contract was "well deserved by Melbourne".

Topics : Australian Grand Prix Formula 1
Related Articles
Fernando Alonso 'Would Have Died' 20 Years Ago, Says Ex-FIA Chief Max Mosley
Fernando Alonso 'Would Have Died' 20 Years Ago, Says Ex-FIA Chief Max Mosley
Formula One: Fernando Alonso Walks Away From Horror Crash in Australian Grand Prix
Formula One: Fernando Alonso Walks Away From Horror Crash in Australian Grand Prix
Australian Grand Prix: Lewis Hamilton Dominates Day 1 Practice Sessions
Australian Grand Prix: Lewis Hamilton Dominates Day 1 Practice Sessions
Show Comments
Advertisement