Melbourne Secures F1 GP for another five years

Melbourne will host the Australian Grand Prix until at least 2015 after securing a new contract with Formula One Management.

Victorian Premier John Brumby said the Grand Prix was the jewel in Melbourneâs major events strategy, stating "the Grand Prix has been an outstanding event for Victoria over a long period of time and has helped put Melbourne on a global stage.

"Retaining the event is important to Victoria's ongoing growth and prosperity."

Key to the new agreement has been Melbourne agreeing to start the race at 5pm local time to make it more TV friendly for viewers in Europe and Asia, with F1 Chief Bernie Ecclestone having threatened to move the Australian race to Sydney, or scrap it completely, if Melbourne refused to alter the starting time.

In 2008, more than 300,000 people attended the four-day event and saw Lewis Hamilton win, the return of the V8 Supercars and a two-hour concert rock concert from KISS at the conclusion of the race.

Following the new agreement, Ecclestone stated "the Australian Grand Prix has always been a great show, with some of the biggest crowds in Formula One."

Image shows the F1 Grand Prix track at Melbourne's Albert Park.

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