“No pessimism” in Madrid despite struggle to find F1 investors

Madrid City Council has not shown “any pessimism” about not yet finding an organising partner for Formula 1 at the city’s IFEMA consortium. Moreover, city authorities have highlighted the internal work that has already been carried out by the organisation.

As the delegate for Urban Planning, Environment and Mobility, Borja Carabante explained in statements to journalists from the Cuatro Torres de la Castellana, where he stressed that “We need to explain what the project entails and the work needs to be done internally”. He insisted that IFEMA Madrid has committed to it being a matter developed internally.

“There is no pessimism. I think it is extraordinary news that such an important event as Formula 1 is coming [to Madrid], which represents 8.5 billion euros in investment, 8.5 billion in direct jobs, 4.5 billion euros in direct investment and which, therefore, will stimulate the economy, which will in turn stimulate employment and, above all, which will position Madrid as a capital that is experiencing its best moment,” the delegate defended. To this end, he stressed that both the City Council and Madrid’s Autonomous Community, but especially IFEMA, are working to ensure that this circuit is “a real success.”

The head of the Department of Economy, Innovation and Finance of the City Council, Engracia Hidalgo, stated that, after having taken out the management contract, “No company has been found that initially wants to transfer that risk”.

For his part, the Minister of the Presidency, Justice and Local Administration, Miguel Ángel García Martín, reiterated that the regional government will not provide public funds to carry out work on the Formula 1 circuit that will be held at IFEMA Madrid.

In addition, he defended that IFEMA, as promoter of this event, “Is complying with its work schedule and with the entire work scheme, taking all the necessary steps” so that the region can host the Grand Prix.

Work is underway on the circuit design

It was also stressed that work continues on the design of the circuit, as well as the steps necessary to carry out the work, along with addressing potential sponsors and specialist suppliers, to make the Madrid circuit “an absolute success” and a “showcase” for the region. The President insisted that IFEMA Madrid is working “as it had promised to do, seriously, rigorously and, of course, working and putting all the steps, the entire schedule, that it had on the table, fulfilling it.”

“Let no one doubt that this Formula 1 Grand Prix will be in the Community of Madrid and will be that great reference, that great showcase, which, on the other hand, is already our region,” he assured, while reiterating that “there is no news” or “any change” in the matter.

The project for the Spanish Formula 1 Grand Prix from 2026 to 2035 in Madrid, whose circuit is expected to be approved by the end of the year, foresees a generation of wealth in ten years of 4.5 billion euros in GDP, with a media impact on the promotion of the Madrid brand of 1,550 people.