This masthead revealed in 2023 that, under a previously undisclosed provision within Victoria’s contract extension to keep the Australian Grand Prix, the state agreed to build world-class garages and new or substantially refurbished corporate hospitality facilities in time for next year’s race.

The state also agreed to forgo all corporate revenue generated within Paddock Club. Under an agreement previously struck between founding grand prix chairman Ron Walker and former F1 supremo Bernie Ecclestone, the Australian Grand Prix kept the revenue it raised through the club.

While refusing to confirm the pricetag, Tourism, Sport and Major Events Minister Steve Dimopoulos said the upgrade was a win for the local community as well as F1 fans.

“Fans flock to Victoria from around the world for our Formula 1 Grand Prix – filling local hotels, restaurants, pubs and businesses – and we intend to keep it that way,” he said.

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“This massive upgrade is a win for the local community – more space for community sport, more courts, better change rooms and park upgrades, and a sporting venue Albert Park locals can enjoy.”

Australian Grand Prix Corporation CEO Travis Auld said the new facility would play a critical role in continuing to deliver a world-class event.