Cities Line Up To Host Formula One Grand Prix Despite Fragile Economy
The reason "is clear." If you "get it right," the way newer circuits such as Singapore and Austin, Texas, have done, the "event nets tens of millions in local spending." Force India Deputy Team Principal Bob Fernley said, "Singapore and Austin are shining examples of how a Grand Prix can help showcase a region. In Singapore, people now come into the country days before the race, or stay on and spend money."
The Singapore Tourist Office said last year that "there was a 12 per cent surge in flights into the country over its September race weekend," which brought in an extra £71M to the island state over the period. To get it right, F1 race weekend organizers "need to get the national, or at the very least, regional government to back the project."
Just Marketing Int'l CEO Zak Brown said, "This is not just so it can help with funding. The state of Texas provided around £18 million of funding for the Austin track. But importantly, the state will help pass bills to greenlight planning, redirect traffic and close down parts of the city to host street parties." But perhaps, most importantly, "an organizer needs deep pockets and patience." Bringing an F1 race to a city "is not cheap." Indian Grand Prix organizers Jaypee Group spent about £250M to build the Buddh Int'l Circuit in Uttar Pradesh and host three races there from '11. Financial Times