Azerbaijan expects to make profit from Formula 1 a year later

/By Azernews/

By Amina Nazarli

In 11 days the word fastest race -- Formula 1 European Grand Prix -- will be held around the picturesque streets of downtown Baku.

A brand-new street circuit in Azerbaijan’ capital Baku will be the first Grand Prix to be held in the country.

Baku City Circuit is the second longest F1 track on the calendar, with a length slightly over six kilometers as an anti-clockwise layout. Many specialists describe this track as the most complex, entertaining and very curious, for both racers and spectators.

Hosting a major sporting event traditionally gives many economic, social and cultural benefits, along with the fact that the city enjoys a legacy of improved sporting venues.

The experience of other countries shows that the F1 race causes a lot of interest in the motor world, what entails the influx of many thousands of true racing fans. So, Formula 1 is the unique tool that can give a positive impetus to the tourism sector.

Youth and Sport Ministry Azad Rahimov told sovsport.ru about the financial plans for the Baku European Grand Prix.

He said this project is under the special control of the government, and does not have a large private investments yet.

Rahimov expressed hope that investments will return back to the country thanks to tourism.

The minister said the reason that Formula 1 in Baku is a city track brings attention of many to Baku as one of the new destinations for tourists.

”We hope to reach our goal, and to return the funds that were invested in the organization of the race from tourism,” he said.

The calculation is simple, according to Rahimov. “The first component is 18.500 seats. On the eve of the race we will know how many tickets and at what price, sold, and in future we will understand the revenue. The second is earnings from tourism. Here we can also count. It is about 12,000-14,000 beds in Baku hotels, plus I know that tourists rent villas and apartments. And then we can talk about 15,000-16,000 tourists who will arrive in Baku. We consider the average cost of tickets, hotels, meals, transportation - thus economy boost and taxes,” he said.

This year, of course, we cannot even come close to return the spent money for the event, Rahimov stressed. “But next year, given that we have everything and do not need to lay so much asphalt, we will only need to collect all,” he noted, voicing hope that next year the country will achieve a profit.

As for the flow of tourists, recently the country’s president has signed an order aiming at simplification of visa procedures for the tourists, who can get visas at the structural subdivisions of the foreign ministry’s consular department in Azerbaijan’s international airports.

With a length measuring at slightly over six kilometers, the 20-corner track will be lapped 51 times, with cars reaching potential speeds of up to 340km per hour, marking the circuit out as the fastest street circuit on the existing F1 calendar.

The circuit offers a number of challenges for drivers, including an extremely narrow uphill section along the old town walls that will require pinpoint accuracy, and it has an acceleration section of almost 2.2 kilometres along the seaside promenade, which will see the cars running flat out at very high speed - something that will create an incredible show for race fans.