Baku has been hosting The Azerbaijan Grand Prix ever since 2017 and the city has already earned $506.3 million from the races. This makes the event a huge success, at least according to the figures.
The aforementioned amount is the result of direct and indirect expenses that can be linked to Formula 1. This includes hotel expenses, catering, transport, and professional services. $300 million of the sum comes from direct expenditure, while the other $200 million comes from indirect, like construction work.
Grand Prix Baku set for June 7, 2020
While all the local fans of F1 are waiting for this year’s race, Arif Rahimov, executive director of the Azerbaidjan Grand Prix said:
“We have always emphasized that Formula 1 in Baku is more than a show event, instead it also causes economic growth and delivers social and cultural changes. That creates new possibilities and benefits for everyone who lives and works here.”
“As the report makes clear, in recent years our wildest expectations have far exceeded. Now that we have a new contract with Formula 1 that at least guarantees a race until 2023, we look forward to organizing with confidence and optimism from more successful races.”
The 2019 Baku race was won by Valtteri Bottas from Mercedes, while his teammate Lewis Hamilton finished second, and Sebastian Vettel from Ferrari ended third.