Race fans in Melbourne are in mourning as Formula One chief Bernie Ecclestone announced no more races will be held in the city after the contract expires in 2010. The news comes after the government refused to allow a night race, something which Mr. Ecclestone considered non-negotiable. A government spokesman went on record to say "I'm sure Melbourne will survive without a Grand Prix," and that the city "…would be better without it." Last year the race lost an estimated 35 million dollars, and is expected to loose another 40 million this year. Recent reports have suggested that Ecclestone intends to meet with government officials in St. Petersburg about holding a race in Russia, essentially replacing the Melbourne event.
