Formula 1 will return to Madrid in 2026 and for ten years with a million dollar investment scheme in Ifema.
What has been an open secret is now official: Madrid will host the Formula 1 Spanish Grand Prix from 2026, under a contract that will last until at least 2035, on a circuit located near the Ifema exhibition center, which will cover 5.47 kilometers in length.
The news was confirmed on Tuesday at a large event held precisely at Ifema, attended by some of the main stakeholders: Formula 1 President and CEO Stefano Domenicali and Ifema Madrid Executive Committee President José Vicente de los Waiters. The aforementioned event was also attended by the President of the Community of Madrid, Isabel Díaz Ayuso; the mayor of the capital, José Luis Martínez-Almeida, and the president of the Madrid Chamber of Commerce and Industry, Ángel Asensio, as well as other figures from the world of sports and entertainment, such as recent Dakar Rally champion Carlos Sainz.
Ifema celebrates not only the achievement of the race, but also the fact that it happened “through a long-term agreement.” The organization believes that this circumstance provides “the necessary horizon to ensure a return on investment and therefore favors the economic viability of this important project carried out exclusively with private capital (although its proponents do not currently specify what the million dollar investment amount reaches).” A nuance of the latter that promoters have been repeating ad nauseam since the Madrid authorities’ interest in the Grand Prix became known, in order to scare away the shadow of corruption that Formula 1 left in Valencia.
In this regard, and taking into account the estimate of “more than 85,000 tourists who will land in the Community for the celebration”, according to a preliminary study carried out by the consulting firm Deloitte, this event will be of great importance for Madrid.” annual revenue will exceed 450 million euros, which will create more than 8,200 jobs, to which will be added the contribution to the brand image with an annual audience of more than 70 million viewers.”
Figures for the future of the Madrid Grand Prix
“The project presented by Ifema used its proven ability to host major global events as a fundamental argument; its organizational flexibility; its financial solvency, as well as the versatility, equipment and ideal location of its facilities are among other important competitive advantages,” the consortium assures. As for attendance, it is estimated that it will start with 110,000 spectators and in the fifth year will exceed 140,000.
The route will use Ifema roads, both on the current section and future sections of Valdebebas, in addition to 1.5 km of public roads in the Hortaleza area, which will be taken out of open traffic and included in the route. “This will be a Grand Prix with the best transport links, a few minutes from the city center and 5 from the airport,” boasted Vicente de los Mosos. A senior official from the organization said it would be a “hybrid” or semi-urban circuit, halfway between urban and traditional formats, following other events recently added to the calendar.
“The route will be equipped with exceptional facilities: more than 200,000 square meters of distinctive indoor pavilions, 10,000 meters of multi-functional meeting rooms and 10,000 parking spaces. The entire infrastructure is equipped with the latest technology and advanced security, communications and air conditioning systems, which will raise the standard of experience for both participants and passionate Formula 1 fans, creating unprecedented competition spaces, such as an indoor paddock and air-conditioned facilities or large areas for active fan recreation.” , says Ifema.
Return to the capital 45 years later and the situation in Barcelona is up in the air
Thus, the city will once again host the Grand Prix, 45 years after the El Harama circuit was removed from the calendar. “Madrid is looking towards the future and is part of an exclusive group of cities that today host Formula 1, putting us at the forefront of the world’s capitals in attracting major events. We know that Formula 1 is more than a race, it is an unprecedented opportunity to contribute to the transformation that Madrid is experiencing and show the world what we are capable of. “I have every confidence that we will rise to the challenge, not only because we deserve a show of this magnitude, but also because Formula 1 deserves a city with the energy, character and passion of Madrid.”
PSOE representative on the Madrid city council, Reyes Maroto, however, criticized that the Almeida and Ayuso teams “want to take over the presentation of the Formula 1 Grand Prix.” The councilor explains that he supports the celebration “because it is good for Madrid, but there is still a lot to be done to make it a success.” And he cites Valencia as an example, where “it became a fiasco and a reputational problem for this city.” He believes that “the Formula 1 Grand Prix obliges all administrations, but especially the city council, because an urban circuit will be developed in our city.” For this reason, he asks Almeida “not to sell the smoke, talk to the neighbors on the streets where the track will pass and explain the changes that need to be made on some land that Ifema must acquire.”
Authorities have not yet specified what situation Montmelo will be in as a result of this announcement. The Barcelona Municipal Circuit has a contract with Formula 1 until exactly 2026. Organization sources said it was “difficult” for the European country to fit two annual competitions into the calendar, given strong interest from the US or Gulf countries.