The Formula 1 Grand Prix will remain at Albert Park in Melbourne until at least the end of 2025, Formula 1 has confirmed following a meeting in London.
Albert Park has hosted Formula 1’s season-opener since 1996 and In the more than two decades since the race in Melbourne has consistently proved to be one of the most popular on the calendar.
In the last three years alone more than 900,000 fans have attended the Grands Prix at Albert Park and Victorian Tourism, Sport and Major Events Minister Martin Pakula said the event was a “major boost” to the Victorian economy, particularly for CBD hotels, which enjoy about 94% occupancy on Grand Prix weekend.
It has been reported that the public is still raising questions over the Grand Prix’s future in Melbourne due to the 2014 event costing taxpayers nearly $60 million.
Despite this, Chairman and CEO, Formula 1, Chase Carey, said: “The decision to extend the current relationship for a further two years stems from the fact this event has proved to be a resounding success for the capital of Victoria, for Australia and indeed around the world, proving immensely popular with fans and those who work in Formula 1.”
“This is a fantastic vote of confidence from Formula 1 to continue racing in Melbourne until at least 2025,” Mr Pakula said.
“Victoria hosts major events better than anywhere else in the world and I’m excited that Formula 1 has chosen to exercise its option to extend the contract and enable the Victorian Government and the Australian Grand Prix Corporation (AGPC) to continue to deliver more world-class events for Victoria.
“The Formula 1 Australian Grand Prix has contributed significantly to Melbourne’s standing as a global sporting and major events capital and the event is a key pillar of Melbourne’s and Australia’s international sporting calendar.”
Next years race will get the season underway from 12 to 15 March.