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It remains to be seen what "safety upgrades" are required in the report if any ?. Does the report include a detailed design of the "upgrades" and a detailed construction estimate - or is the $1M just a guess ?.
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The report may contain those items but it's confidential and
this article mentions "up to" $1mill so it appears to be an estimate of the possible top end cost.
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The track still complies with all the runoff and safety standards set by the FIA, so it will need to force a change there before anyone starts writing cheques or agreeing to anything.
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The need to for the "upgrade" is based on the FIA inspection, suggesting that the track no longer meets all the FIA's requirements -
story here
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If Supercars requested the report so they can get the track licence they need, it makes sense that Supercars will have to find the funding. They won't spend their own money of course, but will convince the State Government they need the help ($$$) to keep the remaining V8 teams in Qld. There is zero chance that ICC will fund any "upgrade".
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The problem for ICC is that it appears from the 1st article linked above that there is a contract in place between ICC and supercars. I would imagine that there will be plenty of negotiations and discussions going on about this - watch this space I guess.