The Herald Sun reported yesterday that the Victorian Government has signed a new five-year $250 million contract to keep the Australian Grand Prix in Melbourne until 2020. The contract extension was agreed with Bernie Ecclestone’s Formula One Management in London after year-long negotiations.
The deal ends months of speculation about whether the Government would retain the event.
Premier of Victoria Denis Napthine said the contract ensured Melbourne’s Grand Prix would be the first race on the calendar every year until 2020, and that there would be no night racing.
The 2015 Melbourne GP will be held from March 12-15.
Melbourne has been part of the F1 calendar since 1996, when it replaced Adelaide as the Australian GP venue.