Lewis Hamilton (L) and Max Verstappen during the Formula 1 Heineken Grande Prmio de Portugal 2021 from April 30 to May 2, 2021 (Imago)
Find out all the costs behind hosting an F1 race in a country/city
It is a known fact that F1 is one of the most expensive sports around the world. The teams, the players who are just coming up, and even the cities that host a Formula One race have paid a lot of money. Hosting a Formula One race is a matter of great honor for a country or a city. It brings in a lot of tourism opportunities along with itself.
Even though many countries have bid to host a Formula One race and many have gotten what they wanted as well, not every country has managed to sustain the costs involved. For example India and South Korea. So the question arises, what is the cost of hosting a Formula One race? Well, look no further as we list out exactly how much it costs to host a Formula One race.
The cost of hosting a Formula One race highly depends on the duration of the contract signed. However, on average it costs around $40 million annually to host a Formula One weekend. For example, as per reports, the French and German GP pay $44 million annually to host Formula One.
The high costs of hosting a Formula One race make it highly unlikely for the smaller countries to participate. It is also believed that older racing venues like Italy, Britain, and Spain have below-average racing fees because of being they have existed for the longest time. Apart from this, there are various other expenses a host city/country has to endure in order to hold a Formula One race well.
Street circuits are generally much more expensive to stage in almost every aspect. The only scenario in which permanent circuits can be more expensive is when a new venue is built. Other than that, the cost of hosting a race at a street circuit is always higher.
The cost of building temporary grandstands to accommodate thousands of fans is very high and costs millions each year. Moreover, upgrading the roads every season to meet the guidelines and safety standards is also very expensive.
Although these expenses happen on permanent circuits as well, the lower frequency of these expenses when compared to street circuits is what makes street circuits much more expensive.
More F1 News
Follow our dedicated Formula One page for instant Formula One news and updates
