Aussie GP projected to have huge losses again

There isn't a race promoter in F1 that Bernie Ecclestone and the FOM don't bankrupt. Not a single one turns a profit and if not for government subsidies, are really bankrupt corporations.

Australia's 25th Formula One Grand Prix is set to be different from its predecessors in almost every way, except one – it will again lose money. And as has previously been the case, the losses will be picked up by taxpayers.

The Australian Grand Prix Corporation launched the 2009 race on Friday, unveiling the twilight program forced on it by F1 supremo Bernie Ecclestone. This year's race will start at 5pm to cater for European fans who had been troubled by early morning TV telecasts in past years, but will now see the year's first GP launch from the starting grid as they eat breakfast. Grand Prix chief executive Drew Ward said the twilight theme would be embraced throughout the four days of the event with action on the first three days continuing until 7pm, with discount tickets to attract fans after work.

What won't be changing, however, is any requirement for the GP to make a profit. The 2008 grand prix suffered a record $40 million loss, funded by the Victorian government. Mr. Ward said the event will record another loss but its goal was to provide the best return for the government.

"It is not forecast to be run at a profit," Mr. Ward told journalists.

While financial concerns are acute this year, it could be even worse in 2010 with the withdrawal from F1 sponsorship worldwide of the Dutch insurance and investment group ING.

Mr. Ward said a replacement sponsor was yet to be determined.