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Australian GP continues to make a loss

NEWS STORY
15/10/2009

The Australian Grand Prix has once again recorded a loss, with taxpayers forced to pick up a $40m (Aus) bill for the 2009 event.

The latest shortfall follows a similar loss in 2008 and is sure to add to the pressure from opponents of the event.

Announcing the loss, officials blamed the global financial crisis for a drop in ticket sales, though moving the event to a later afternoon start probably didn't help either.

Event organizer, the Australian Grand Prix Corporation, said the event was not immune to the global financial crisis but claimed to have anticipated its impact and adapted plans "to manage the conditions encountered".

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