Madrid A few days ago he closed his negotiation with the owners of the Formula 1 to organize andl Spanish Grand Prix from 2026 to 2035 and that implies that Catalonia will stop receiving €205.6 million that the race generates in Catalan territory.
For this reason, the president of the Higher Sports Council (CSD), José Manuel Rodríguez Uribesinformed the president of the iFEMA Executive Committee, José Vicente de los Mozos, that the central government continues working to have two grand prizes of Formula 1 in Montmeló and Madrid.
This meeting took place after the meeting that the Minister of Education, Vocational Training and Sports, Pilar Alegría, held with the president and CEO of the Formula 1, Stefano Domenicali, to whom he conveyed his satisfaction that Spain will have a new Grand Prix on the Formula 1 calendar.
On January 23, a few days after the announcement that Madrid would host the Grand Prix, the door was opened for both the Circuit de Barcelona-Catalunya and the Ifema urban circuit to have a place on the Formula 1 calendar.
The director of the competition, in the presentation of the new Madrid Grand Prix, He opened the debate by answering: Two circuits in Spain on the same calendar? Why not?
The Spanish Formula 1 Grand Prix will leave 8,200 direct jobs in Madrid, tens of thousands of indirect jobs, an impact of 0.2% on the Gross Domestic Product (GDP) of the Community of Madrid and 120,000 visitors, of which 45% will be international.
This was reported by the president of the Madrid Chamber of Commerce, Ángel Asensio, at the presentation of the circuit at Ifema Madrid, where he explained that this Grand Prix will also lead to an increase in the capital’s GDP by an additional 0.4%.
Asensio stated that 45% of the visitors will be international, 30% from Madrid and 25% from the rest of Spain. Also, there will be 5,000 rooms only for the personnel of the Formula 1 of 3 to 5 star hotels, with an average of €600 spent by national visitors and €950 by international visitors.
On the contrary, it is expected that the loss of Formula 1 implies that Catalonia will stop earning the €205.6 million generated by the Grand Prix in Catalan territory, according to the Circuit’s economic impact report in 2019, prepared by the Gabinet d’ Economic Studies.
For its part, the Formula 1 skyrocketed its profits to $562 million in the 2022 season and made profits again, after losing $120 million in 2021.
The turnover of the automobile competition also rose significantly, reaching revenues of US$2.5 billion, increasing the business volume of the 2021 season by 20%.
Source: Ambito
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