F1 » Greece to press ahead with F1 venue


The Greek government has announced that it is to proceed with the construction of an F1-spec racing facility, despite its parlous financial situation.

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Kostas Zouridis

October 03, 2012 8:07 AM

At least once a year a Greek official announces the construction of an F1 racetrack. This has been going on since the 80s. I don't know what would be the interests behind such an announcement, but the chances of Greece building an F1 track within this decade are as slim as HRT's winning the championship.

skally - Unregistered

October 03, 2012 10:06 AM

If someones got a spare billion euros in Greece to construct a venue and fill bernies coffers they should pay some of the debts back to the rest of europe who are floating their bankrupt economy

dimitris - Unregistered

October 03, 2012 10:12 AM

The Greek government approved a subsidy of about 30 mil. euros to a private company that would undertake the construction and the operation of the track. The total cost of the project is estimated to be about 100 mil. The feasibility study was completed a few years back, and the conclusion was that, in the economic climate of the time, the venture is feasible and profitable. What the country needs desperately at present is private investment. If private investors can take the risk and dish out about 70 mil. for the project, then the 30 mil. of subsidy would be worthwhile. Subsidy funds are just sitting there because there are no willing investors to claim them. Whether the project will be profitable and sustainable, is a question only the investors, who take the risk, can answer.

Chucklez - Unregistered

October 03, 2012 11:46 AM

I'm quite happy seeing different tracks pop up and come under development but a track in Greece? A perfect place but economically I feel the government should put there money into saving the country rather than making it worse!

Marco - Unregistered

October 03, 2012 1:51 PM

What Greece needs to do is lose the shackles of the euro get back there own floating currency so investors will look at building a track there because it will be cheaper ,Greece needs investment and tourism but until the get rid of the mortgage to Europe the country is going nowhere ,

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