To close out 2021, our restructuring team, led by our partner Masi Zaki, advised Melbourne Olympiad Development Pty Ltd (MOD), in negotiations with the Australian Grand Prix Corporation (AGPC) and Parks Victoria, culminating in two new agreements being finalised, which will see the Australian Formula 1® Grand Prix hosted at Albert Park in Melbourne from 2022 to 2025 (New Agreements).
The Australian F1 Grand Prix has traditionally occupied a very important position on the global F1 calendar, being the first event of the season. However, the widespread disruptions caused by COVID-19 have resulted in the last two Australian F1 races being cancelled. As a result of those cancelations, MOD, the AGPC and Parks Victoria were originally hopeful of reverting to a November 2021 event but that was ultimately not feasible. Instead, the AGPC has worked tirelessly with the Federation Internationale de l'Automobile and other key public and private stakeholders, including MOD, to ensure a revamped Australian F1 race can take place at Albert Park for the foreseeable future.
The New Agreements will cement Albert Park, including its surrounding parklands and renowned golf course, on the international Formula 1® calendar. The Australian Formula 1® Grand Prix in 2022 will be held on 7-10 April with four full days of on-track activity.