Melbourne set to keep GP

Announcement of deal 'imminent'

Last updated: 15th June 2008

F1 Australian Grand Prix

The Australian Grand Prix looks likely to remain in Melbourne

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The Victorian state government is on the verge of announcing a deal that will keep the Australian Grand Prix in Melbourne until 2015.

Melbourne's future on the F1 calendar was thrown into doubt after running up losses of $160 million in the past 12 years.

However, a senior government official confirmed a verbal agreement has been reached between F1 supremo Bernie Ecclestone and Premier John Brumby, and an announcement was "imminent".

"They've come to an agreement," the source told the Herald Sun.

"We haven't signed the deal, but we're going to quite soon."

Ecclestone has advocated for a night race to be staged in Melbourne, but the state's tourism and major events minister Tim Holding says that is not an option.

"We have ruled out a night Grand Prix and that is not negotiable," Holding said.

"This is a good event for the state. It's one we want to keep and we'll be working hard to ensure that it does remain here in Melbourne in the years ahead."