Just listen to Melbourne's Lord Mayor Robert Doyle who unleashed a stinging attack on the grand prix in the Sunday Herald Sun, warning that annual losses would soon hit the $70 million AUD mark and stating that the event no longer represents value for money for Victoria's state government. He contends that for taxpayers' pockets, enough is enough and that patience with F1's escalating financial demands is wearing thin.
“First, F1 supremo Bernie Ecclestone will pick up his bat and ball and go home,” mused Mr. Doyle. “Despite best endeavours, the notoriously difficult, contentious and cranky Bernie will take the dollars of either an Asian or oil-rich Middle Eastern state. There will be no successful negotiation. End of story."
According to Time Magazine ("Turbulent Times Of Formula One", 15 March 2010), Ecclestone alone makes the big TV, sponsorship and track deals that keep F1's cash gushing. It is no secret that Ecclestone the Hitler fan ( "could command a lot of people" and was "able to get things done" ), is the only one guaranteed to make a killing from the F1 races. Formula Money, the book which reviews Formula 1's financials, records this: "In 2008, its first year, the race took in $51 million, but cost $100 million. The (Singapore) government kicked in $60 million, leaving the promoter with a tidy profit."
Obviously Iswaran is no Doyle, and he's hiring independent consultants to take a hard look at (and take the fall for) the value of the F1 race in terms of tourist dollar and economic spin-offs. The Minister is not about to stick his neck out for the inconvenient truth when the old geezers are having so much fun at the taxpayers' expense.
|"could command a lot of people" and "able to get things done"|