Australian GP may have a new contract, but it also posted a record loss in 2014

By Tony DiZinnoSep 16, 2014, 1:00 PM EDT
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About a month ago, the Australian Grand Prix got a new contract extension through 2020.

Problem is, they have a mountain of financial losses to dig out of after this year’s edition.

Last week, Australian government officials confirmed in reports to Reuters and The Guardian a loss of nearly A$60 million this year ($55 million U.S.), a record. Last year, the number was less, at A$50.7 million.

Revenue was down and expenditure up, per the reports.

These losses are not new – for several years, the race has operated with losses in the A$50m ballpark.

A statement from Victoria’s Major Events minister Louise Asher, however, said the race does produce a viable and positive economic impact. In a statement, her office said: “The Formula 1 Australian Grand Prix alone generates between 351 and 411 full-time equivalent jobs and up to $39m in economic benefits as well as up to $35m in media or advertising-equivalent.”

Next year’s Australian Grand Prix will be the 20th held at Melbourne, dating to its first in 1996.

Zach Veach splits with Andretti Autosport for rest of IndyCar season

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By Nate RyanSep 23, 2020, 12:15 PM EDT
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Zach Veach will be leaving his Andretti Autosport ride with three races remaining in the season, choosing to explore options after the decision was made he wouldn’t return for 2021.

In a Wednesday release, Andretti Autosport said a replacement driver for the No. 26 Dallara-Honda would be named in the coming days. The NTT IndyCar Series will race Oct. 2-3 at the Indianapolis Motor Speedway road course and then conclude the season Oct. 25 on the streets of St. Petersburg, Florida.

Veach was ranked 11th in the points standings through 11 races of his third season with Andretti. Since a fourth in the June 6 season opener at Texas Motor Speedway, he hadn’t finished higher than 14th.

“The decision was made that I will not be returning in 2021 with Andretti Autosport in the No. 26 Gainbridge car,” Veach said in the Andretti release. “This, along with knowing that limited testing exists for teams due to COVID, have led me to the decision to step out of the car for the remainder of the 2020 IndyCar season. I am doing this to allow the team to have time with other drivers as they prepare for 2021, and so that I can also explore my own 2021 options.

“This is the hardest decision I have ever made, but to me, racing is about family, and it is my belief that you take care of your family. Andretti Autosport is my family and I feel this is what is best to help us all reach the next step. I will forever be grateful to Michael and the team for all of their support over the years. I would not be where I am today if it wasn’t for a relationship that started many years ago with Road to Indy. I will also be forever grateful to Dan Towriss for his friendship and for the opportunity he and Gainbridge have given me.

“My love for this sport and the people involved is unmeasurable, and I look forward to continuing to be amongst the racing world and fans in 2021.”

Said team owner Michael Andretti: “We first welcomed Zach to the Andretti team back in his USF2000 days and have enjoyed watching him grow and evolve as a racer, and a person. His decision to allow us to use the last few races to explore our 2021 options shows the measure of his character.

“Zach has always placed team and family first, and we’re very happy to have had him as part of ours for so many years. We wish him the best in whatever 2021 may bring and will always consider him a friend.”

Andretti fields five full-time cars for Veach, Alexander Rossi, Ryan Hunter-Reay, Marco Andretti and Colton Herta.

It also has fielded James Hinchcliffe in three races this season.