Sydney, July 22(ANI): Taxpayers paid Formula One supremo Bernie Ecclestone over 50 million dollars for the right to hold this year's Australian Grand Prix in Melbourne, a study released by Victorian Tourism Minister Louise Asher has revealed. he study also found that the event only generated up to 39 million dollars of economic activity for the state, Fox Sports reports.
It showed that taxpayers paid 1.7 million dollars for the 1996 event, but the level of the fee skyrocketed during the past decade, from four million dollars in 2000 to 49.2 million dollars in 2010.
Taxpayers paid 50,231,000 dollars for the 2011 event, and the fee is expected to rise until the current contract ends in 2015.
Asher said that the government would consider the future of the event in 2013-14 before starting new contract negotiations with Ecclestone. (ANI)
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