Bernie Ecclestone says Melbourne can axe F1 GP race

Bernie Ecclestone has strongly hinted Australia would be one of the first races to be axed as he eyes new, more lucrative markets. Source: Herald Sun

In a move that could free up more than $150 million of taxpayers' money, the F1 boss has - for the first time - offered a get-out clause to cancel the Albert Park event before its contract expires in 2015.

In an interview in his London office, Mr Ecclestone told the Sunday Herald Sun he would entertain talks about terminating the contract three years early.

"If the Government wanted to, we could certainly come to some terms, I suppose," he said.

Debate has raged for years about the value-for-money the race represents. Until now speculation has focused on whether the contract would be renewed beyond 2015.

Now - two weeks before this year's event - Mr Ecclestone has challenged Premier Ted Baillieu to make his plans for the race public.

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"It would just be nice for somebody to say to me 'Bernie, definitely, 100 per cent, we don't want to renew our contract'," he said.

Last year's Grand Prix cost taxpayers about $50 million. This year, it is expected to take about $55 million from a tight State Budget.

Mr Ecclestone said negotiations for a new contract had not started and urged the Government to act swiftly if it wanted to keep the event.

A spokesman for Mr Baillieu, Paul Price, said the Government would not take an open chequebook into negotiations, he said.

Federal Melbourne Ports MP Michael Danby told Parliament the State Government should put the money to better use.