F1 Australian GP suffers 15.6 million dollars loss

The Australian Formula One Grand Prix suffered a loss of 15.6 million US dollars in 2006, due partly to Melbourne's staging of the Commonwealth Games earlier the same month.

In its annual report presented to Victoria state's parliament Wednesday, the Australian Grand Prix Corporation announced the loss, a 61.5 percent increase on the 9.7 million dollars the previous season.

Ticket sales were down and the cost of staging the race at Melbourne's Albert Park increased because part of the venue was used during the Commonwealth Games and workers had to rush to prepare the circuit for the F1 race.

The Australian GP, usually the opening race on the F1 calendar, was pushed back a month to make way for the Commonwealth Games earlier in March. AGP Corp. chairman Ron Walker was also head of the Commonwealth Games organizing committee.

"There was a risk that ticket sales revenue would be impacted by staging two major events so close to each other," the report said.

Source: Xinhua