Melbourne Ties Up Formula One GP For 6 More Years

Having lived in St Kilda for a couple of years, I'm not exactly the biggest fan of the Grand Prix -- the crappier the engines sound, the better in my books. If you do adore cars going around quickly in circles, however, you'll be pleased to hear that the Victorian Government has secured the race until 2020.

As the ABC reports, state premier Denis Napthine announced the news this morning, declaring it a "fantastic deal" for Victoria. Dr Napthine is quoted as saying the Grand Prix generates some 400 jobs and brings in $39 million, after which the article mentions the 2013 event set the state back $50 million.

I'm not the best with numbers, but yeah.

Fairfax (via SBS) managed to catch a few more statements from the premier, including that fact that the new contract is a "better deal" than the last one:

"This is a terrific announcement that reaffirms Melbourne and Victoria as the major events and sporting capital of the world," he told Fairfax Radio on Sunday.

Dr Napthine, whose government has been critical of the amount of public money spent on the Grand Prix, said the new contract was a "great deal" for taxpayers.

"It's a better deal than the existing contract," he said.

Other than the signing of the new contract, which assures the first race of the season will remain in Melbourne, not much has changed.

[ABC]

Image: Nick Webb / Flickr, licensed under Creative Commons 2.0