Melbourne extends F1 contract
Following earlier speculation that a new international host might replace Albert Park's annual spot on the calendar in 2010, it is now suggested that the Victorian state government has reached a "verbal agreement" with F1 chief executive Bernie Ecclestone.
The new contract will guarantee a race in Melbourne, scene of a grand prix since 1996, until 2015.
Reports said Ecclestone had decided to compromise on demanding an Australian night race, with organizers to run the grand prix annually at 5pm.
A senior government source is quoted as saying an announcement about the news is "imminent".
"They've come to an agreement," the source added.
Acting Victorian premier Rob Hulls said: "No deal has been signed, we're keen to retain the grand prix but not at any price."
06/14/08 We are hearing rumors from Australia that the Australian GP contract with Melbourne has been extended until 2015. This is great news for Australia as there had been fears that the race would fall victim to higher bids coming from elsewhere in Asia and the Middle East. Grandprix.com