Ricardo Paulino
The Spanish capital [Madrid] is on the verge of confirmation by the FIA [Automovilistic international Federation] and F1 to be the official venue for the 2026 automobile Grand Prix.
According to F1 CEO, Stefano Domenicali: "I don't think it is possible to host two grand prix in Spain, but I don't want to rule it out. It is something that can happen in Europe, like rotation. It is a matter of understanding the complexity of the calendar. I don't think that after 2026 we will be in a position to have two races in Europe in the same country unless something changes," he added.
Work on the clockwise layout of the Madrid Formula One circuit is scheduled to start in mid-2024, two years before the race takes place.
What name will the Madrid circuit have?
Although no information has been released about it, you may envision something along the lines of the "Madrid street circuit" or even the name of IFEMA (consortium that hosts events in the city), the organization's leader, based on other recent examples.
The announcement of an F1 race in Madrid is not official, but it is unofficial. The agreement was signed at the beginning of November, but the category is not yet able to reveal the grand prix because there is one more hurdle to the ten-year contract, which runs from 2026 to 2035: Formula 1 does not think it is financially feasible to have two races in Spain in 2026 because the Circuit de Barcelona-Catalunya already has a contract.
"F1 is great news, because it shows that Madrid is fashionable in the world, a place where investment wants to reach. We estimate that it will mean around 4.5 billion euros for the Madrid economy, it will mean the creation of 8,200 jobs. In addition, it will allow 850,000 tourists to get to know Madrid first and then the rest of Spain. 119 million people would follow us every year, 70 million on television and 49 through the internet. It is a unique opportunity to promote Madrid as a place of business and, above all, to improve our image as an international sports capital," detailed President of Madrid Community Isabel Diaz Ayuso.
"By being held in a place like Ifema it would interfere less with transport and the daily life of the city and would demonstrate the excellent connectivity of our public transport. Also, I believe that there is no capital that can offer such a hotel and cultural offer and that has so much flexibility to offer events of this magnitude", Ayuso added.
Edited by: Jonathan Nwabenu
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