Grapevine: Australian GP Banks on Clinton for a Boost

The possible attendance of former U.S. President Bill Clinton would not be enough to allow the Australian Formula One Grand Prix make a profit in 2002, an official has said.

Australian Grand Prix Corporation chairman Ron Walker said Clinton had been invited to attend the March 3 race and would be in Melbourne on business that weekend.

"There's a good chance (he would attend) because he's here on the Sunday, so we're just pursuing that now," Australian Associated Press quoted Walker as saying. "We understand he likes car racing, but we'll see what happens."

Walker said Clinton would bring the event even greater exposure.

The 2001 Australian Formula One race was marred by the death of local race marshal Graham Beveridge after he was struck by a flying wheel from the wreckage of a collision between Canadian Jacques Villeneuve's BAR and German Ralf Schumacher's Williams at the Melbourne race.

"He is a man of great charisma and he is very popular in Australia, so like any world leader attending a sporting event, it creates an enormous amount of attention," Walker said of Clinton.

Walker said next year's Formula One Melbourne race could incur a A$7million (US$3.5million) loss, but it would bring greater economic benefits to Victoria state. The Herald Sun newspaper reported on Thursday the 2001 Australian Formula One Grand Prix made a loss of A$5.9million, compared to the previous year's loss of A$3.9million.

The Australian Grand Prix Corporation's annual report tabled in Victoria state parliament on Wednesday showed the losses had grown in almost every year since it was first staged in 1996, the newspaper said. The 2000 Australian Motorcycle Grand Prix lost more than A$5million, two-thirds up on the previous year's A$3million loss, the newspaper said.

"The corporation strongly believes the Grand Prix's net worth to Victoria will be more than A$1billion during the life of the event," Walker was quoted as saying.