The Australian Formula One Grand Prix made a loss of Aus$21-million ($15,6-million) 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 on Wednesday, the Australian Grand Prix Corporation announced the loss, a 61,5% increase on the Aus$13-million ($9,7-million) 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 Formula One 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 chairperson Ron Walker was also head of the Commonwealth Games organising 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.
”This risk materialised and the corporation achieved lower ticket sales revenue as compared to prior years.”
The report claimed, according to the Australian Associated Press, that the losses were offset by findings in a 2005 study that estimated the economic benefit of hosting the GP in Melbourne was Aus$175-million ($130-million). – Sapa-AP