F1 Madrid GP already in crisis before starting in 2026 due to lack of investors
Yesterday at 03:09 AM
At the beginning of 2024, Formula 1 and the promoter of the upcoming Madrid GP presented the semi-permanent track that will be built in the IFEMA district. However, this area does not seem to attract many investors, opening a first sign of crisis for the Madrid GP, which will be held in 2026.
The Madrid City Council has admitted it is struggling to find private investors for the F1 Grand Prix, scheduled for 2026 on a street circuit near IFEMA. The lack of companies willing to take on the financial risk has led to the relocation of some services for the event. However, the City Council assures that the GP will be profitable for IFEMA, even though the opposition has raised concerns about the economic risk. For now, the project is supported by IFEMA funds, with no use of public money.
According to reports by SoyMotor, during the plenary session of the city council, several pieces of evidence emerged regarding the progress of the next GP. "Once IFEMA obtained the rights, analyzed and evaluated the various management formulas, it's true that we drafted the management contract, and mainly due to the number of additional clauses we put in place, we did not find a company initially willing to take on this risk," said Engracia Hidalgo, head of the Department of Economy.
According to reports, Mas Madrid, in opposition, used the example of the European GP in Valencia as a costly risk. They claim there are "300 million" good reasons not to proceed, but reassurances about the economic benefits have nevertheless been given.
It is too early to know the complete situation due to confidentiality agreements signed between IFEMA and FOM, but for now, political authorities confirm IFEMA's financial involvement in promoting the Spanish Grand Prix in Madrid, an investment expected to be profitable.
Investments will need to be resolved soon, as the construction of the permanent part of the track will need to begin shortly. Let us recall that it will be semi-permanent, about 5.4 km long, with an elevated section to ensure spectacular views for all spectators.
Source: f1ingenerale
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