Melbourne agrees contract extension with F1

Albert Park will continue to host the Australian Grand Prix until at least 2025

Melbourne will continue to host the Australian Grand Prix until at least 2025 after agreeing a contract extension with Formula 1.

The city has hosted the race since 1996, and will celebrate its 25th year on the calendar when it hosts the opening race of the 2020 season on March 15th next year.

The announcement comes just over a week after the sport agreed a new deal with Silverstone.

In a statement confirming the deal, F1 chairman and CEO Chase Carey said: “We are pleased to have renewed our partnership with the city of Melbourne, which will now host the Formula 1 Australian Grand Prix until at least 2025. 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. Working along with our partner, the Australian Grand Prix Corporation, we plan to make the Australian Grand Prix even more exciting and spectacular, as a sporting event and as a form of entertainment. Today’s announcement follows on from last week’s, relating to the British Grand Prix and is proof that more and more promoters are sharing our long-term vision for the future of Formula 1. We cannot wait to be back in Melbourne, from 12 to 15 March next year to celebrate the 25th anniversary of this race being held there and continuing a relationship which will also allow us to celebrate at least 30 years in the city in 2025.”

Victorian Minister for Tourism, Sport and Major Events Martin Pakula MP added: “This is a fantastic vote of confidence from Formula 1 to continue racing in Melbourne until at least 2025. 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. Beyond the direct benefits to Melbourne and Victoria arising out of Formula 1’s decision, the contract extension until 2025 also provides benefits and confidence for Victoria’s events industry and the associated supplier base to the AGPC. Additionally, it provides the AGPC with opportunities to further enhance and develop the event for the benefit of all fans and lovers of the sport of Formula 1.”

Melbourne has hosted the season-opener on all-but two occasions since taking over as host of the Australian Grand Prix.

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