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Renewed Oz F1 deal on - in principle

2014-03-14 09:02

VICTORIA WANTS FRESH F1 DEAL: The Australian GP Corporation wants a new F1 series contract - but it all depends on the cost. Image: AFP

MELBOURNE, Australia - A new deal has been agreed in principle to extend Australia's hosting of Formula 1 Grand Prix races beyond 2015.

Melbourne's current contract to host the Albert Park street circuit race will expire after the 2015 event.

Australian Grand Prix Corporation chairman Ron Walkers said: "I think the foreplay is over. It's now a case of talking to the government about whether it is worth it or not."

NEW CONTRACT

Walker said there was a deal on the table and it was up to the (state of Victoria) cabinet's sub-committee to recommend whatever it wanted to recommend. "We can only do our best and we will see what happens."

Victoria's tourism minister Louise Asher said the government wanted the races to continue but value for money would be the key factor. "I haven't set myself a timetable but we have the 2015 race and there is no need to rush on this.

"I think everybody in the government wants the race. The assessment is going to be made over the price."

Melbourne has staged the Australian GP every year since 1996 and is hosting the first race of the 2014 season this weekend (March 14-16).
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