Spanish capital faces financial challenges to hold event without public funds from 2026 to 2036
The city of Madrid faces challenges in hosting the Grand Prix of Formula 1 from 2026 to 2036. The capital of Spain decided not to use public funds for the event, but continues to seek investors, as reported by Uol this Wednesday (2.Oct.2024).
Engracia Hidalgo, delegate for economy, innovation and finance at Madrid City Hall, highlighted during a debate last week that companies showed no interest in financing the project at Ifema. The total cost is 47.5 million euros (approximately R$290 million), in addition to 51 million euros (approximately R$311 million) for the additional costs of the test.
The city council estimates that the return on investment could take up to 13 years, exceeding the duration of the 10-year contract with F1. This scenario indicates that Madrid would need to extend the agreement to 30 years in order to guarantee financial viability.
F1 in Brazil
São Paulo disbursed US$125 million (approximately R$612 million) to host the Grand Prix from 2026 to 2030. The mayor Ricardo Nunes (MDB) confirmed that the amount will be maintained in the following years, ensuring the continuity of the event. Furthermore, the city hall invested R$100 million in the Mubadala Arab fund to promote the race during this period.
#Madrid #seeks #investors #host #Formula #grand #prix