Melbourne to axe money-losing F1 race
Andrew Fox, whose father Lindsay is one of the most successful businessmen in the country, has urged the promoter of the beleaguered Albert Park race to phone him.
"The phone is on and the door is always open," Fox, whose father bought the MotoGP circuit and surrounding lands on Phillip Island three years ago, told News Limited newspapers.
He said he would "seriously consider" developing the circuit for formula one.
Phillip Island is just a two hour drive from Melbourne, where rising annual costs have cast doubt on the government's intention to renew the current formula one contract beyond 2010.
Victorian premier John Brumby refused to confirm the report, telling reporters on Friday that his government was not looking to move the race "at the moment".
His comments follow reports earlier this week that said moving the grand prix to Flemington Racecourse could be a way to cut costs.
"We're not sort of actually looking at all of these sites at the moment," Brumby added.
11/08/07 Australian circuit Phillip Island has expressed its interest in hosting the country's Formula One Grand Prix in the future if the event is moved on from Melbourne. Andrew Fox, managing director of the Linfox Property Group that owns the Phillip Island Grand Prix Circuit, has said "We'd have a lot of work that would be required to make it an F1 standard, but I can guarantee we'd do it," Fox told the Herald Sun newspaper. "It is one of the best racetracks in Australia." Phillip Island already holds MotoGP and World Superbike events, and Fox has said that he would need a 10-year F1 contract to justify the costs of an upgrade. The Fox family is planning to build a 166-room, five star hotel and up to 500 residential villas at the Phillip Island circuit.
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Massive crowds are not enough to overcome Bernie's cost |
10/31/07 (GMM) 24 hours after escalating losses were revealed, the state government has refused to rule out abandoning Melbourne's Australian grand prix.
Victorian premier John Brumby, who inherited the race from his predecessor Steve Bracks, questions whether an event that loses $34 million annually is "good value for money".
Negotiations with F1 officials will need to begin shortly if the government wants to retain the race beyond 2010.
"I think the two tests post-2010 (are) firstly, does it remain a good event for the state, and secondly, can we secure good value for money?" Brumby said outside parliament, according to the Herald Sun newspaper.
He added to ABC Radio: "So that's the test and we will be examining these things in much more detail next year."
The Albert Park event was already under pressure, with Australian grand prix chief Ron Walker jetting to London on Wednesday to ratify plans for a more Europe-friendly 2008 start time of 3.30pm.
Former premier Jeff Kennett, who successfully campaigned to transfer the Australian grand prix from Adelaide to Melbourne in 1996, said he believes the current government is maneuvering the axe the race.
"My bet will be that the Labor government will renege on this contract in 2010," he told Southern Cross Broadcasting.