Australian GP Lacks F1 Sponsor for 2010 Event

The 2009 Australian Grand Prix was a success from a sporting standpoint, as it set the base to Brawn GP's domination in the Formula One Championship against big guns like Ferrari and McLaren. However, from a financial point of view, the event at Albert Park caused the taxpayers no less than $40 million (in losses).

If many of you are thinking that this is as bad as it gets, find out that the Aussie fans are in for more. As reported by the media, and confirmed by race organizer's chief executive Drew Ward, the 2010 Australian Grand Prix is yet to secure a sponsor. What that means is that the Melbourne event will have to be based only on taxpayers' money, therefore increase the financial losses.

Until 2009 (included), the Australian Grand Prix was sponsored by Dutch banking giant ING. However, the company announced their withdrawal from the sport at the end of last season, ending all the commitments with its past partners in the series.

Despite the prospect of having no major company pour in some decent funds to help to the hosting the event, both the race officials and members of the Victorian government don't seem too worried about it.

“There won't be any impact on the overall cost of the event in terms of overall sponsorship revenue. If you look back at this year's event, general sponsorship interest was increased on previous years,” argued Ward, while also revealing that a deal might be reached soon with a corporate party, a move to which he referred as “work in progress.”

“It is not unusual for an event as big as this not to have a title sponsor in place this far out,” added a spokeswoman for the Victorian state government, also hinting that talks are in progress to sign a new investor.