When it was announced that Spain would once again host an urban Formula 1 circuit, inevitably all eyes turned to one place: Valencia. Between 2008 and 2012, a Grand Prix was contested along the port of the Turia’s capital that ended up becoming a cesspool of corruption whose debts are still outstanding.
The CEO of Formula 1, Stefano Domenicali, has had to step in to dispel any comparison between Madrid and Valencia. The Italian explained what the preliminary study consisted of before awarding the race to Madrid and the arguments for which they believe it will not generate an economic disaster like Valencia.
Domenicali no descarta que haya test de pretemporada en Madring
The first urban Formula 1 Grand Prix on the streets of Madrid is now a reality. With organizational success and sporting failure, Madring opened its doors, but the big question hanging in the air for many is logical: Will it be another Valencia? The trauma of Valencia’s failed urban Grand Prix remains latent in society.
Stefano Domenicali, CEO of Formula 1, has explained in an interview with Mundo Deportivo why they do not see a Madrid case like Valencia as possible: “Madrid will be different from Valencia. It is our responsibility to ensure beforehand what the implications for Madrid’s community and society will be so that they can sustain this project for so many years.”
Let us remember that Madrid has signed a ten-season contract, up to 2035, but in Valencia’s case they also had an agreement until 2014 and yet in 2012 it fell off the calendar, after only five seasons. Later on, corruption cases surrounding the circuit were uncovered, tainting it even more.
Domenicali recalls about Madrid that “this is a private investment by the IFEMA group and no large public investment has been made by the Community of Madrid. But this relates to how IFEMA intends to finance it. We expect an economic impact in the city of around 400-450 million euros, with about 6,000 jobs created.”
In fact, the Formula 1 CEO details that when preparing the final report “an important factor for the community to be able to amortize the large investment it has made” and to recover as quickly as possible what it had to invest, while recalling that “the Valencia promoter was different.”
Only time will tell whether Madrid becomes a solid base on which to build Formula 1 in Spain and in the latest instance of bungled Spanish management.
Images | Madring, Williams
