Taupo A1GP Future Looks Doubtful.....

[Armco Bender]

Taupo has only a 50-50 chance of hosting the A1GP after 2009, Taupo Motorsport Park shareholders have been told.

At their annual meeting yesterday, shareholders were told the internationally rated track was $6 million in debt and there was no assurance the "marquee" A1GP round would be held there in 2010.
He said four factors contributed to the loss. A public share offer had not raised as much as the company had predicted and had cost $337,000; there was a $1.3 million 'blowout' - later funded by debt - to finish the final stage of the track in time for the A1GP; depreciation was $260,000, and increased interest rates added an extra $315,000 to loan repayments.
The biggest debt was a $5,957,000 term deposit loan from ANZ Bank.
http://www.stuff.co.nz/4643179a1823.html

Not looking rosy for A1 at Taupo or even in NZ.$6mill isnt a huge amount overseas but the Taupo guys must really be struggling with a monkey like that on thier back.Hopefully someone will throw them a lifeline.