Formula 1
Formula 1
R
Australian GP
12 Mar
-
15 Mar
Next event in
49 days
19 Mar
-
22 Mar
Next event in
56 days
02 Apr
-
05 Apr
Next event in
70 days
16 Apr
-
19 Apr
Next event in
84 days
30 Apr
-
03 May
Next event in
98 days
07 May
-
10 May
Next event in
105 days
21 May
-
24 May
Next event in
119 days
R
Azerbaijan GP
04 Jun
-
07 Jun
Next event in
133 days
11 Jun
-
14 Jun
Next event in
140 days
25 Jun
-
28 Jun
Next event in
154 days
02 Jul
-
05 Jul
Next event in
161 days
16 Jul
-
19 Jul
Next event in
175 days
R
Hungarian GP
30 Jul
-
02 Aug
Next event in
189 days
27 Aug
-
30 Aug
Next event in
217 days
03 Sep
-
06 Sep
Next event in
224 days
R
Singapore GP
17 Sep
-
20 Sep
Next event in
238 days
24 Sep
-
27 Sep
Next event in
245 days
08 Oct
-
11 Oct
Next event in
259 days
R
United States GP
22 Oct
-
25 Oct
Next event in
273 days
29 Oct
-
01 Nov
Next event in
280 days
R
Brazilian GP
12 Nov
-
15 Nov
Next event in
294 days
R
Abu Dhabi GP
26 Nov
-
29 Nov
Next event in
308 days

Azerbaijan GP claims $500m boost from hosting F1 race

shares
comments
Azerbaijan GP claims $500m boost from hosting F1 race
By:
Jan 15, 2020, 10:17 AM

Azerbaijan GP organisers claim that their Formula 1 race has contributed over $500m to the local economy over its four-year existence.

The numbers were compiled by global accounting giant PricewaterhouseCoopers on behalf of Baku City Circuit in a follow-up to a review conducted after the first two races at the street venue.

The race, which ran under the European GP title in 2016, is known to pay one of the highest annual hosting fees of the season, and the report will be a useful tool to help justify the ongoing expense of holding the race.

Last February, its deal with the F1 organisation was extended to 2023.

The numbers will also provide a PR boost for other would-be race promoters are trying to put deals together.

According to BCC, the total figure of US$ 506.3m "is a combination of the direct and indirect results of operational spending linked to the arrival of F1 in Baku for the past four race weekends, taking into account the spend across various sectors including the professional services, hotels and general accommodation, catering, transport, social and cultural services, agriculture, post and telecommunications, wholesale trade and electricity, gas and water amongst others".

The figures are divided into two main categories. Direct spend on goods and services such as hotels, restaurants and transport services was valued at $300.6m over the four years of the race.

Indirect spend, defined as "any additional revenue received by those companies and businesses that sell goods and services to other organizations that are, in turn, direct suppliers for the Formula 1 Grand Prix," and which includes the construction, manufacturing, business and social services sectors, reached a total of $205.7m.

BCC points out that the race created 5-10,000 medium-to-short term jobs in the first two years, and up to 7,500 over the past two seasons, adding that its focus "was to give young Azerbaijanis their first taste of working on such a major international events, thus providing a new generation with unprecedented work experience opportunities as well as a crucial step on the career ladder in the process".

The company says that the event has also contributed to the "intangible fields of national brand reputation and raising global awareness of Azerbaijan as a modern, dynamic country capable of staging world class sporting and entertainment events".

BCC stressed the value of global media exposure, with 82.3m TV viewers in 2018, and 90.2m in 2019.

"We have always emphasised that F1 in Baku is more than just a showpiece event," said BCC executive director Arif Rahimov. "But instead a spark for economic, social and cultural change that will create increased opportunities and benefits for everyone living and working here.

"As made clear in this report, the past few years have exceeded our wildest expectations in this regard.

"Now that we have agreed our new contract with F1, which guarantees racing in this city until 2023 at least, we look forward with increased confidence and optimism to many more years of success hosting the pinnacle of motorsport here in Baku."

Related video

Next article
Nissany gets Williams practice outings in new test driver role

Previous article

Nissany gets Williams practice outings in new test driver role

Next article

Only "rabbit out of a hat" can cost F1 its 2020 "classic"

Only "rabbit out of a hat" can cost F1 its 2020 "classic"
Load comments

About this article

Series Formula 1
Author Adam Cooper