Melbourne in poll position for new contract

With a number of rival cities emerging, this new move has given Victorian F1 fans a big indication about the future of the Albert Park race.

Formula One bosses and the State Government are in advanced talks about extending Melbourne’s Grand Prix contract beyond 2025.

As F1 drivers on Friday return to the Albert Park for the first time since 2019, the Herald Sun can reveal F1 management and government officials are close to clinching a new deal to tie the major event’s future to Melbourne.

While the deal is not expected to be inked in time for Sunday’s race, insiders say it will get done with only the length of the contract the sticking point.

It comes as drivers including Aussie F1 ace Daniel Ricciardo called for the race to go on in Melbourne long term.

“To be honest I think as an Aussie it’s just a privilege to have a home race,’’ Ricciardo said.

“I wouldn’t argue with anywhere in Australia but also Melbourne is the sporting capital, it is a cool place to have a race.

“So I do love it and I would love for it to stay.’’

Melbourne has welcomed back the Grand Prix.

The current Melbourne contract is set to expire in 2025 and it is believed a contract of between five and 10 years is being sought.

Sports Minister Martin Pakula said: “We’re in negotiations with Formula One about the contract extension but we don’t conduct those negotiations publicly.”

Australian Grand Prix chief executive Andrew Westacott hoped the event’s long term future at Albert Park would also soon be locked in.

“I would love it to extend, this is the right place for the event and we are going to show the world and Formula One why Melbourne is such a loved Formula One location,’’ he said.

Organisers of Grands Prix in Miami, Monaco, Canada, Hungary, Austin and Qatar have all recently secured new 10 year contracts.

MAustralian driver Daniel Ricciardo is keen for Melbourne to keep the Grand Prix

Five year deals have been struck for races in Spain, Azerbaijan, Britain, France and Italy.

“I would love to have it locked in long term and I think the Victorian government for decades has recognised that our international events are critical to the major events calendar,’’ he said.

“And that is why Formula One and the Grand Slam tennis are pivotal to it and everything hinges on those two pillars plus our home ground events in the AFL and Melbourne Cup carnival.’’