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Melbourne extends Formula One deal

Melbourne: Melbourne has secured the Australian Formula One Grand Prix until 2020 after striking a new deal that will reduce the taxpayer subsidy of around $50 million a year, the head of the Victoria state government said on Sunday.

The race, which has been run in the city’s Albert Park since switching from Adelaide in 1996, became a local political issue because of the noise and the subsidy, which amounted to $47.17 million in 2013.

Race organiser Ron Walker had negotiated a new deal for when the current contract ran out after next year’s race but there had been some question about whether it would be signed off by the current government of Victoria.

State Premier Denis Napthine on Sunday, though, confirmed the deal had been struck.

“This is a terrific announcement that reaffirms Melbourne and Victoria as the sporting and events capital of the world,” he told 3AW radio station in Melbourne.