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Formula One: New Aussie GP deal finalised

Published on Mar 14, 2014 4:30 PM

MELBOURNE (AFP) - A new deal to extend the Australian Formula One Grand Prix beyond 2015 has been negotiated and only needs to be signed by the Victorian state government, organisers said on Friday.

Melbourne's contract to host the Albert Park street circuit race expires after next year's event and Australian Grand Prix Corporation chairman Ron Walker said he had hammered out a new deal.

"I think that the foreplay is over so to speak and it's now a case of talking to the government about whether it is worth it or not," he told local radio.

"There is a deal on the table and it's up to the (Victorian state) cabinet sub-committee to recommend to Cabinet whatever they want to recommend.

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