Formula 1 says ‘G’day mate’: five-year, $250 million deal keeps Formula 1 at Melbourne’s Albert Park through 2020

In Australia’s ‘second city,’ it has now been laid to rest that Formula 1 will not go racing at night due to costs and various other factors. But due to a recent five-year, $250 million contract extension, Melbourne has at least renewed its stake in hosting the first race on the Formula 1 calendar through 2020. After more than a year of negotiations between the local Victorian government and Formula 1 officials, the two sides have agreed on what Victorian Premier Denis Napthine, calls a contract that is “significantly better [than the last] for Victoria.”

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