Nov 14, 2008

Sport - F1;Shanghai may axe GP

SHANGHAI: Shanghai is considering axing the loss-making Formula One Grand Prix after its contract runs out in 2010, a senior official said.

Qiu Weichang, deputy director of the Shanghai Administration of Sports, said a decision would be announced next year.

"We're doing the assessment. By next year we should be able to give you an answer," he said in an interview late on Thursday.

China's biggest city spent 240 million dollars on the state-of-the-art Shanghai International Circuit and hosted its first Formula One race in 2004.

But the event has been plagued by poor ticket sales and Qiu said its fate was in the balance.

"We want to create a win-win situation, for our side and for Bernie (Ecclestone) and the F1 organisers as well," he said.

"If this is something we can do, and our cooperation is very happy and smooth, we will consider it.

"Of course we would like at least to break even. But there are two factors, one is the assessment, the other part is the win-win situation that we can create."

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