The Melbourne Grand Prix has received a glowing report regarding the level of publicity generated by the Formula 1 event.
The report, published by British consultancy firm Formula Money, says that the annual Grand Prix around the Albert Park lake has generated exposure for Melbourne valued at $816 million in the past four years.
The report also says that the 2012 race delivered publicity valued at $217 million, and increase of 14 percent over the 2011 race previous year.
In a story published by the Herald Sun today, it says that the research takes into account vision of the city broadcast throughout the world and media coverage.
Over the past few years, the Melbourne Grand Prix has been dogged by negative press regarding its tax payer contribution, estimated at $50 million per year. Victorian Employers’ Chamber of Commerce and Industry boss Mark Stone says that the F1 race is an important event in the city’s calendar.
“This single event brings Australia, Victoria and Melbourne invaluable international and national exposure in terms of branding and positioning as a tourist destination, as well as unequivocal employment, tourism and services investment,” Stone told the Herald Sun.
“If we are to devalue this lone event to a state where we no longer want it, or worse, to a state where Formula 1 simply takes it away, the catastrophic effect for Victoria will be far-reaching.”
The Victorian government and the Australian Grand Prix Corportation have a contract with Formula 1 to see the Grand Prix continue at Albert Park until 2015.
See below for Speedcafe.com’s Hungarian Grand Prix Race Guide