The Australian Grand Prix's money issues have been solved following the announcement that the Australian national airline Qantas will become the title sponsor for the Albert Park event from 2010 onwards, replacing the departed ING brand.
ING removed all their sporting sponsorship at the end of 2009 in a cost-cutting measure following the global financial crisis, and with the loss of ING< the Australian GP organisers had been struggling to find a new title sponsor. ING had sponsored the event since 2007, taking over from brand stereotype Foster's.
And after the 2009 event posted a loss of some $40 million, there were worries about the ability of the race to survive the 2010 event financially without a sponsor.
But Qantas, who previously sponsored the Melbourne race from 1997 to 2001, have stepped into the breach with just over a month to go to this season's race.
"We greatly value the involvement of all our commercial sponsors - their support reduces the cost of this event to the Victorian government," major events minister Tim Holding platituded to the press after the announcement.
Meanwhile, Qantas chief executive Alan Joyce acted relatively delighted over the deal.
"We are pleased to reaffirm our support for this global sporting event, reaching Formula One fans worldwide," he strewthed to the press.
The 2010 Qantas Australian Grand Prix will take place on the 28th March.
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