The day before, Formula 1 announced the signing of a contract with the race organizers in Madrid to organize the Spanish Grand Prix. The agreement has a term of ten years and will enter into force in 2026.
Barcelona-based television channel TV3 revealed the financial aspects of the deal. It turned out that the amount of promotional costs that the organizers of the stage will pay annually to Formula 1 for the right to organize the race will amount to 48 million euros. This is almost double the promoter fees for the Barcelona leg, which amount to 25 million euros per year.
For example, a ten-year contract to organize the Spanish Grand Prix in Madrid will earn Liberty Media’s Formula 1 owners almost half a billion euros. This size of payments is comparable to the size of promotional costs for venues in Azerbaijan, Saudi Arabia and Qatar.
Officials in Madrid have not commented on TV3’s information, but sources familiar with the situation believe the published figures are close to reality.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
