IFEMA drops major update on Madrid GP that could yield a profit of $500 million

IFEMA Madrid President claimed that the contract for the F1 race is ready to be signed.

IFEMA drops major update on Madrid GP that could yield a profit of $500 million

IFEMA Madrid, (image via Voyages Afriq)

Formula 1’s popularity has grown immensely recently, with more countries willing to host a Grand Prix. Spain already has one race on the calendar in Barcelona, but the capital city Madrid is eager to have its share of F1 as well. Now, IFEMA, an entity responsible for organizing halls, fairs, and other activities, has given the latest update on the Madrid GP.

The President of the IFEMA Madrid Executive Committee, Jose Vicente de los Mozos, revealed that the organization knows when the deal will be signed with F1. He told europapress, “I know when we are going to sign it and when we are going to do it.” However, confidentiality obligations permitted de la Mozos to provide any further information regarding the contract.

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The Madrid GP is planned to be an extravagant affair, with the city expecting to earn upwards of $500 million. IFEMA Madrid will play a pivotal role in the Grand Prix weekend with pavillions provided for Formula 1 teams. As such, the race is a major focus for Spain’s capital city as it would greatly benefit the local economy.

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IFEMA Madrid (image via voyages afriq)
Stands filled with Carlos Sainz fans (Image via Formularapida.net)

Formula 1 has continued to race at the Circuit de Barcelona long ago. Previously, the F1 grid headed to Barcelona for pre-season testing as well. Needless to say, the Madrid GP could pose a threat to the Spanish GP. However, Jose Vicente de los Mozos expressed that it would be great for the European country. He said, “If in the end there are two [F1 races in Spain], I’m delighted, but I speak and work for Madrid.”

Spain has had a long time history with F1. Fernando Alonso and Carlos Sainz are one of the most popular drivers on the current grid. As such, another race in the country further brings in more commercial benefits as it opens another avenue for home fans. Although, it remains to be seen if and when the Madrid GP is added to the F1 calendar.

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Thus, IFEMA President de los Mozos was confident that the Madrid GP was close to being a reality. Spain’s capital city has shown keen interest in hosting a race for the pinnacle of motorsport. Although, there have been no official updates from F1 itself. Fans would be looking forward to hearing an announcement regarding the Madrid GP in the future.

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