José Vicente de los Mozos, Chairman of the Executive Committee of the IFEMA fairgrounds and convention centre, made a statement on Thursday insinuating that Madrid is closer to hosting an F1 race. The IFEMA center, situated northeast of the Spanish capital, has been a significant location for conferences and conventions since its inception in 1991.
The expansive land surrounding IFEMA could serve as the foundation for a race circuit, incorporating the existing infrastructure for the race event. The center is managed by a coalition of public entities, which includes the Madrid city council (31%), the regional administration of Madrid (31%), the Madrid Chamber of Commerce (31%), and the Montemadrid Foundation (7%).
Since March, IFEMA has been the venue for the acclaimed F1 Exhibition, officially sanctioned and appreciated by many, bolstering the city’s bid for a race event.
“We are aware of the timeline for signing the contract and executing the plan,” de los Mozos commented about a potential race agreement, as cited by Europa Press.
He proceeded to elaborate, “We have adhered to the indicated protocol. The Spanish Automobile Federation has been notified from the inception, we have ensured exclusivity, and currently, we’re making headway with the contract.”
According to de los Mozos, the event would contribute €500m to the regional economy and aims to offer “not just a race, but an immersive experience – the best in Europe.”
Despite Barcelona’s agreement to host the Spanish GP until 2026, it is unclear whether the proposed new event would take over the title or function as the Madrid GP.
Stefano Domenicali, the CEO of F1, expressed doubts about a race in Madrid in a recent Beyond the Grid podcast while recognizing the escalating popularity of the sport in Spain.
“It is acknowledged that Madrid wishes to host a future race,” he said. “But no decision has been finalized yet. This enthusiasm is yet another testament to F1’s robust health.
“This matter is solely about commercial, technical, and sporting discussions that will transpire over the next few months, devoid of any political intervention.
“Ultimately, the best decision for F1 will be made. However, it’s essential to bear in mind that Barcelona still has a multi-year contract with us, and we are extremely content with their plans for the future.
“Spanish F1 enthusiasts are currently reveling in the exceptional performances of Fernando Alonso and Ferrari’s Carlos Sainz, who both boast a large fanbase.
“The Spanish viewership of F1 is burgeoning, which is an encouraging sign for the future of the sport in the country.”
While Spain had concurrently held two events in Barcelona and Valencia in the past, Domenicali maintained that a recurrence is unlikely.
“The business model has evolved since then,” he commented. “We’ve adopted a global calendar approach, featuring a more extensive range of races.
“I anticipate future races in Europe may adopt a rotational principle, but it’s improbable to have two in the same year.”
Historically, the Madrid region had hosted F1 when the Spanish GP took place at Jarama, located to the east of the city, similar in distance from the city center as the proposed new venue.
First hosting the race in 1968, Jarama alternated with Montjuich Park in Barcelona, another street track located near an exhibition facility like the proposed new venue.
Following a tragic event in 1975, Montjuich was closed, and Jarama briefly became the Spanish GP’s permanent venue until it held its last F1 event in 1981. The race was later resurrected at Jerez in 1986 before finding its current home in 1991.
Frequently Asked Questions (FAQs) about Madrid F1 Race
Who made the statement regarding Madrid hosting an F1 race?
José Vicente de los Mozos, Chairman of the Executive Committee of IFEMA fairgrounds and convention centre, made the statement about Madrid getting closer to hosting an F1 race.
What is the role of the IFEMA fairgrounds and convention centre in this context?
IFEMA, located northeast of the Spanish capital, has been a significant location for conferences and conventions. There is enough land around IFEMA to serve as the foundation for a race circuit, which is why it’s being considered as a venue for the F1 race.
Who manages the IFEMA centre?
IFEMA is managed by a coalition of public entities. This includes the Madrid city council (31%), the regional administration of Madrid (31%), the Madrid Chamber of Commerce (31%), and the Montemadrid Foundation (7%).
What is the economic impact projected for the region due to this event?
According to José Vicente de los Mozos, the event would contribute €500m to the regional economy.
What’s the status of Barcelona’s agreement to host the Spanish GP?
Barcelona has an agreement to host the Spanish GP until 2026. It is still unclear whether the proposed new event in Madrid would replace it or function as the Madrid GP.
Has there been a decision about hosting an F1 race in Madrid?
As per Stefano Domenicali, the CEO of F1, no decision has been finalized yet regarding hosting a race in Madrid.
Has Madrid previously hosted an F1 race?
Yes, the Madrid region previously hosted F1 when the Spanish GP was held at Jarama, to the east of the city. The track first held the race in 1968.
More about Madrid F1 Race
- IFEMA Madrid
- Formula 1
- Spanish Automobile Federation
- Barcelona Spanish GP
- F1 Beyond the Grid Podcast
- History of Spanish Grand Prix
4 comments
€500m for the local economy? That’s pretty impressive. Good for Madrid, and good for Spain!
Finally! we might get a race here in Madrid. It’s about time! Now, just waiting for the final decision. Hope it happens soon!
hold on… what about Barcelona? They’ve still got a deal until 2026, right? Don’t get me wrong, Madrid sounds cool, but what’s gonna happen with the current deal?
Not sure about this. Barcelona’s track is classic. We need to respect tradition. But also, Madrid race can bring fresh excitement…