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OCTOBER 4, 2006

Losses mount in Melbourne

The Australian Grand Prix lost $15.6m in 2006, according to the financial results presented to the Victorian state parliament on Wednesday. The loss was blamed on the fact that the race was pushed back from its normal date, to avoid a clash with the Commonwealth Games. The race is a regular money-loser but the $15.6m loss is much bigger than 2005's figure of $9.7m. According to the report presented to parliament, the ticket sales were down but there was also a drop in corporate used their budgets on the athletics.