The dream of Formula 1 in Madrid is taking shape. What started with the words of the President of the Community of Madrid: “We want Formula 1, it will be a success.” Isabel Diaz Ayusoabandoned her category of the unimaginable and moved into the “final phase of negotiations” as she moved forward World.

The Circus Maximus and the Community of Madrid have gone hand in hand in a continuous process to bring horse racing closer to the Spanish capital. The goal: a semi-urban circuit that will become a benchmark on the European calendar for the next decade.

One of the steps that marked the mutual interest of Formula 1 and the Community of Madrid in hosting a macro event in Madrid was the creation of the world’s first Formula 1 exhibition at IFEMA, the venue for important fairs and congresses, where cars would theoretically “fly” starting from 2026 and for 10 years, as reported by the above-mentioned media.

Madrid’s path to Formula 1 reached another milestone in July 2023 when the Community of Madrid, together with the Red Bull Show Run, sponsored an exhibition of Mexican driver Checo Perez in the center of Madrid. Plaza de Cibeles, Puerta de Alcalá, Metropolis building or Paseo de Recoletos witnessed the Mexican icon drive a Red Bull RB7 (2011 Formula 1 champion car) through the heart of Madrid. Thousands of people came to Showwhich confirmed the city’s commitment to Formula 1.

Formula 1 concept in Madrid

2026 is the date when Madrid will burst into the calendar of the great circus. Madrid’s arrival coincides with Formula 1 owner Liberty Media’s signing of a contract last year with the Montmelo circuit, so the two events will co-exist in 2026, although the Spanish Grand Prix will be staged in Madrid for the next 10 years.

The farewell to Barcelona, ​​which is increasingly moving away from satisfying the demands of Liberty Media, has given wings to the Madrid project, which has everything that American managers want from Formula 1: good communications, luxury, celebrities, night racing and semi-urban circuits. and not in the old way, like Montmelo. All this is accompanied by a corresponding gastronomic and tourist offer, similar to that offered by Madrid.

The Madrid Grand Prix will be held on a semi-urban circuit that will be located around IFEMA and the Valdebebas area. It will be the return of the world’s biggest motorsport competition to the Spanish capital more than 40 years later. One of the most important details for making Formula 1 Madrid a reality is financing. Unlike the Valencia city circuit, which took place from 2008 to 2012 in the capital Turia, the Madrid Grand Prix will be 100% privately financed and thus avoid the controversies that have marred Formula 1’s passage in the Valencian Community.

In accordance with Worldthe investment required to put the scheme into operation will be around €100 million, with an economic impact of around €500 million per year.

The mirror in which the Madrid Grand Prix will be viewed will be Miami and Las Vegas, two races that have just appeared in Formula 1 and combine everything that Liberty Media requires for its Formula 1. As already said, ReliefThe management of the Grand Prize will be carried out through a competition in which three candidates are expected: Carlos SlimMexican businessman, owner of one of the largest fortunes in the world; Stephen Rossowner of the Miami Dolphins, promoter of the Miami Grand Prix and organizing company of the Dutch Grand Prix in Zandvoort.

Telecommunications, construction, mining and banking have made Mexican tycoon Carlos Slim one of the richest men in the world. Slim is the first shareholder of the telecommunications company América Móvil and the Carso group. In Spain, where he headed Real Oviedo for 7 years, the Mexican businessman is the largest shareholder of FCC and Realia.

For his part, Stephen Ross, along with his company Related Companies, has developed important real estate projects such as Hudson Yards in Manhattan, New York, which is a huge complex including skyscrapers, shops, restaurants, residential spaces and public spaces .

Ross’s company was one of those most keen to ensure that the Miami Grand Prix, which already runs in two versions, became a reality and avoided the obstacles inherent to the event, such as layout, environmental concerns and other logistical considerations.

Economic impact of Formula 1 in Madrid

The Madrid Hospitality Association estimates that the group of bars, cafes, restaurants and other hospitality businesses will achieve a combined turnover of about 29.5 million euros during the three days during which the Formula 1 Grand Prix will last, distributed throughout the surrounding area. , on the highway itself with restoration and in the central part of Madrid (inside the M30).

“This is one of the most important sporting events in the world and will revolutionize the Spanish capital thanks to the massive arrival of tourists, both national and international; Not only motorsport fans will come to Madrid, but also guests, sponsors and teams and event organizers,” notes the Madrid Hospitality Association.

The expected attendance at the circuit during the various tests will be 120,000 people: 54,000 foreign tourists, 30,000 tourists from different parts of Spain and 36,000 from Madrid. This assistance may be even greater, depending on the facilities provided by the organization.

According to the initial design, the route will pass through two pavilions of the IFEMA exhibition center (pavilions 12 and 14) and will include a tunnel about 300 meters long and a chicane, which will serve as a slow zone.

The average expected spend per visitor in restaurants is €246, with international tourists spending the most, with an average of €380 in restaurants and nightclubs.