OUTGOING Motorsport Australia CEO Eugene Arocca has revealed the $1.4 billion bid made by the former New South Wales state government to poach the Formula 1 Australian Grand Prix.
Arocca spoke to V8 Sleuth about the need for a new permanent circuit to be built in NSW in a project he feels could be similar to the one being undertaken to create a Victorian Home of Motorsport in Avalon by 2027.
He has described the current situation which sees NSW with just one permanent circuit as “unacceptable”.
That is Sydney Motorsport Park, which enjoys a monopoly of the market, with Wakefield Park currently shut and the proposed second Mount Panorama track officially on the backburner.
Arocca hopes to soon begin conversations with the NSW Labor government which was elected in March this year, and is optimistic of making progress.
He’s also spoken of the level of funding which the previous Liberal government had been prepared to splash on motorsport, something which he has now publicly disclosed.
“This was a state that 12 months ago – well, even less than that – were offering $100 million US per annum to bring a Grand Prix to their state and to allegedly build a track in western Sydney,” Arocca said on the Parked Up Plus podcast.
V8 Sleuth understands that proposal involved committing 100 million USD (roughly $147.5 million AUD on current conversion rates) a year for 10 years.
Victoria ultimately secured Albert Park’s future as Australia’s home of F1 on a mega deal expiring in 2035.
By comparison, Motorsport Australia has estimated an Avalon style of project will cost $250 million (AUD).
Arocca yesterday announced he will retire at the end of 2023 after 11 years at the helm of Motorsport Australia.
