Melbourne to lose F1 Grand Prix?

Global Formula One Chief Executive Bernie Ecclestone has warned that Australia could lose its Formula One Grand Prix and advised that he is under "quite a lot" of pressure from other countries to take the Melbourne Grand Prix elsewhere.

While Melbourne has a contract to host the race until 2010, Ecclestone has criticised Victorian Premier John Brumby for giving the event "scant support" and said he wanted to pursue better money, sponsorship and television audiences in other parts of the world.

Ecclestone also ruled out any chance of the Gold Coast taking the high profile event from Melbourne saying "our costs are very high in Australia and we get a lot less money. It's bloody bad for us.

"We've got quite a few places on the list which would like to have Formula One and as it seems your guy (John Brumby) down there doesn't want Formula One, we can make him happy and make the other people happy."

Formula One wants to expand in markets such as India, Russia and Korea with any of these nations likely to gain Australia's Grand Prix should a deal with Melbourne not be renewed.