Melbourne F1 Grand Prix makes $49 million loss

The 2010 Melbourne Formula One Grand Prix has cost taxpayers $49 million as the Victorian Government had to cover the race's highest-ever shortfall.
Even though attendances increased by 5,000 to 305,000, revenues fell by 30% to $24 million and costs rose by nearly 20% to $73 million, excluding the $8 million renovation of the Albert Park circuit, also paid by the Victorian Government.
The announcement of the loss prompted Victorian independent MP Craig Ingram to state âweâre bailing out a millionairesâ car race for these sort of dollars, I think we have got our priorities wrong�? adding âI think it is just outrageous. It has gone past a joke and it is time both sides of politics started to seriously reconsider the ongoing taxpayer bailing-out of this event.�?
However, Victorian Major Events Minister Tim Holding highlighted the economic benefit to the State âfar outweighs the cost�? of staging the race, adding âthe economic value of this event to Melbourne is in the order of $62 million ⦠the race was seen by about 12.8 million people in Europe this year.�?
Organisers of the Grand Prix said âglobal financial crisis continued to have a significant impact on revenue for the 2010 event.�?