F1 News: Madrid GP could be on shaky ground from the start (Update)

(GMM) A government spokesman in Madrid has played down new fears about the health of the new Formula 1 project, but rest assured that should be worried – the track will be expensive to construct, and it has few, if any, passing zones.

The Spanish capital, via its events subsidiary Ifema, has agreed a long-term deal with F1 to host a brand new street race from 2026 – even taking over the Spanish GP title from the now-endangered existing host in Barcelona.

But the city council’s economy and finance head, Engracia Hidalgo, admitted this week that race organizers have yet to find any private investors for the F1 event.

However, official Madrid government spokesman Miguel Angel Garcia insists that Ifema is still “complying with its work program” in preparation for the race’s 2026 debut.

He insisted that taxpayers “will not provide funds” for the F1 event.

“Ifema Madrid, as the promoter, is fulfilling its work program and taking the necessary steps so that our region can host an event like this,” he added.

“(Ifema) is working with the calendar that had been set. We remain calm that the Formula 1 event is well underway.”

With a similar reassuring message is the urban planning delegate, Borja Carabante. “No pessimism at all,” he insisted.

“I think it is extraordinary news that such an important event as Formula 1 is coming, which represents a lot of money in investment and direct jobs, and above all positions Madrid as a capital that is experiencing its best moment.”

(GMM) The new-in-2026 Formula 1 Madrid GP on the streets of Madrid has failed so far to attract private investors.

According to Soy Motor, officials at the Madrid council admitted this week that the city’s events organization, Ifema, will therefore make losses relating to the race’s planning both this year and in 2025.

“It has been confirmed that there are no qualified partners capable of meeting the strict requirements,” said Engracia Hidalgo, the council’s economy, innovation and finance head.

Early this year, Formula 1 announced a long-term contract with Ifema, endangering the future of the current Spanish GP host Barcelona post-2026.

“Once Ifema had obtained the rights and the different management formulas had been analyzed and assessed, it is true that we signed the management contract, and basically due to the number of additional clauses we put in, we have not found the company that initially wanted to transfer that risk,” Hidalgo added.

She insists, however, that the Madrid GP will ultimately have “a significant economic impact” on the city and be profitable – but not immediately.

“The expected benefits of Ifema’s current activity in 2024 and 2025 will offset the negative results of Formula 1 in those two years and then the remaining years will be profitable for Ifema,” Hidalgo added.