Very high tax
The eve of the 2024 Formula 1 season was marked by the announcement of a new entry in the Circus calendar starting from 2026. The Spanish capital, Madridhas in fact formalized a ten-year agreement with the leaders of F1 to host the Spanish GP until at least 2035 on a newly built route that will be developed in the IFEMA Madrid exhibition area.
Estimates made in Spain suggest that – given the length of the agreement ratified by Madrid – the Capitoline Grand Prix will pay Formula 1 a annual fee of approximately 60 million euros. A value more than double compared to what the Barcelona circuit pays into Liberty Media's coffers, which stops at 26 million euros per year.
The economist's doubts
The organizers of the GP, however, say they are sure that the Madrid event will generate an economic impact sufficient to 'cover' this tax of such a high presence. However, not everyone agrees with this optimistic interpretation. The 73-year-old Catalan economist Santiago Niño Becerrainterviewed by the newspaper Marca, expressed his doubts.
“The big question – explained Becerra – that no one has a place for and to which I have no answer, is because in Barcelona (F1) generates 250 million euros and in Madrid it should generate 450“. The fear therefore is that it could happen again sensational flop of the Valencia GPwhich should have become a point of reference within the world championship calendar and instead was short-lived, remaining in the F1 program only from 2008 to 2012. “In Valencia we saw that the first year the event didn't work and the second it was a disaster. Now we will have to see what happens in the first year in Madrid“, ruled Becerra.
The environmental issue
The former Scottish driver David Coulthard hinstead he joked about them 'environmentalist' reasons which would have favored the candidacy of the Spanish capital: “I had to laugh when I saw that one of the justifications for Madrid's candidacy was that 90% of fans could get there by public transport – he declared to the site Total-Motorsport.com – It's a very nice thing for politicians and greens, but I don't think it's the first thing racing fans think about when they go to a Grand Prix.”he concluded.
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