Formula One’s Australian Grand Prix posts record $60m loss
The 2014 Australian Grand Prix posted a record $59.97m loss amid soaring costs and declining revenue, government officials have said. The loss, subsidised by taxpayers in Victoria, the host state of the Melbourne Formula One race, outstrips last years deficit of $50.7m by over 18%.
Sales revenue was down $2m while expenditure was up $7.5m, Victorias Major Events minister Louise Asher said. The race, which has traditionally opened the F1 season, has recorded $50m-plus losses for a number of years, sparking a backlash from local critics who see it as a waste of public money.
Continue reading…
Read full article