Grand Prix in Melbourne making false starts.
The article in the Emerald Hill weekly reported by andrew fenton caught my attention this week.
With all the huha about the event, major sponsorships and massive tickets sales, the Grand Prix Corporation Australia, the promotion body, have been making a loss since 1993 and it is increasing each year. In 1996, it was reported that the event made a lost of about $1.75 million dollars which then increase to $2.3 million in the second year. Apparently its ok to be making this loss, with the taxpayer forking out the balance keeping the event here in melbourne. But i guess its the ‘flow on profit’ the state is focusing on. NIEIR reported that the Grand Prix itself generates around $1.2 billion dollars for victoria.
Fast cars, beautiful pitlane girls, big crowds and jet planes flying past… who’s complaining, mmm the Albert Protection group.
Like the good old saying ” everything that shines, it is not gold’.
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