Commonwealth Games hit F1 revenue - report

MELBOURNE, Oct 4 (Reuters) This year's Commonwealth Games has been blamed for a dramatic loss generated by the Australian Formula One Grand Prix, according to a report tabled today.

In its annual report tabled in the Victorian state parliament, the Australian Grand Prix Corporation announced a loss of more than A million (.5 million), significantly worse than last year's deficit of more than A million.

Australian Associated Press said the report noted the four-day event was pushed back almost one month to the end of March, making way for the Melbourne Games earlier in the month.

''There was, however, a risk that ticket sales revenue would be impacted by staging two major events so close to each other,'' the report said.

''This risk materialised and the corporation achieved lower ticket sales revenue as compared to prior years even though a crowd of over 300,000 attended the four-day motor-racing festival.'' However, the report said the continuing losses were offset by the findings of a 2005 study which estimated the economic benefit of the race last year to be A5 million.

REUTERS AB PM1621