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Melbourne secures Australian Grand Prix until 2020
xt">Start of the 2014 Australian Grand Prix
Melbourne has secured the Australian Formula One Grand Prix until 2020 after striking a new deal that will reduce the taxpayer subsidy of around $50 million a year, the head of the Victoria state government said on Sunday.
The race, which has been run in the city's Albert Park since switching from Adelaide in 1996, became a local political issue because of the noise and the subsidy, which amounted to A$50.67 million ($47.17 million) in 2013.
Race organiser Ron Walker had negotiated a new deal for when the current contract ran out after next year's race but there had been some question about whether it would be signed off by the current...
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