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Australian GP records big loss

Australian GP records big loss
Of 1.4 million dollars
[02/11/02 - 02:12]

According to reports coming out of Australia, their annual Formula One event, the Australian Grand Prix held every March, has recorded massive losses over the past eight years. Combined with the Australian Motorcycle Grand Prix, the auditor general reported a combined loss of 74.5 million, 16.1 million of that incurred in the last year.

After Jacques Villeneuve's accident at the start of the 2001 event where he came together with the Williams of Ralf Schumacher on lap five, the incident inadvertently causing the tragic death of a safety marshal, insurance premiums for this years event were raised by $500,000. Added to that was 1.4 million dollars worth of track safety work, including raised safety barriers around the majority of the circuit.

However, the event continues to see fans from all around the globe flock to Melbourne to see the cars in action after their long winter break.

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