Heavy loses from the 2007 Grand PrixThe cost of the Australian Grand Prix continued to blow out in 2007.
A report tabled in Victorian state parliament on Wednesday showed a more than (AUS) $34 million (US $31m) loss for March's Melbourne race - a further $12m worse
than a year earlier.
The 2005 race at Albert Park, by contrast, lost only $13m.
The latest report also shows a $4.1m decline in total revenue in 2007. The Victorian government, blaming poor ticket sales and declining private sponsorship, controversially covers the losses.
"The state government... can't manage these important events and important icons for Victoria," the opposition Liberal party spokesman David Davis said, according to the news agency AAP.
Economist Francis Grey told The Age newspaper: "Economically, the race is a loser, every year. It's been a loser since the beginning, and the losses are only growing larger. Victorians are poorer as a result of having this race."
Melbourne will host the first race of the 2008 season on March 16th.
AFP
