I think it is kite flying David. Here is the report, just another reason not to vote for the left wing arseholes.
Former Victorian premier Jeff Kennett says he believes the state government will end its involvement with the Australian Formula One Grand Prix when the current contract expires in 2010.
Mr Kennett, who was instrumental in snaring the race from South Australia in 1996, said he believed that the Victorian government would not pursue holding the event once the current contract expired.
"I do believe that the Labor government are (sic) preparing to end Melbourne's involvement with the grand prix after this current contract finishes," Mr Kennett told Southern Cross Broadcasting.
"My bet will be that the Labor government will renege on this contract in 2010," Mr Kennett said.
A report tabled in state parliament on Wednesday showed that Melbourne's Formula One Grand Prix ran at a $34.6 million loss.
The grand prix report showed revenue decreased from $47.5 million in 2006 to $43.4 million this year.
"I understand the auditor-general's concerns about costs, but it is only one part of the ledger. And it's not to say that governments can't try and reduce that cost," Mr Kennett said.
Mr Kennett suggested that moving the event to Sandown raceway, in Melbourne's south-east, may be one way to reduce the expense of staging the event.
The cost of reassembling and removing race infrastructure every year would be eliminated at Sandown because it could stay in place year round, Mr Kennett said.
Mr Kennett said losing an event such as the grand prix would seriously damage Melbourne and Victoria's reputation for holding international sports event.
"My greatest worry is that this state has a reputation built up correctly of being the sporting capital of the world," Mr Kennett said.
"And, if we want to start damaging our brand, then start losing your international events," he said.
"I don't consider this to be an expenditure on a motor race alone.
"It is an expenditure on a positioning that helps develop and maintain the Melbourne brand."
But Premier John Brumby said that the state government would review its position on the race next year.
"I have set two tests," Mr Brumby told ABC Radio.
"It's got to be a good event for the state," he said.
"And it's like anything we do, it's got to represent good value for money.
"So that's the test and we will be examining these things in much more detail next year."
