F1 »

Azerbaijan GP organisers deny F1 race under threat

The Grand Prix of Europe in Azerbaijan is not under threat, despite a recent economic slump, insist organisers.
Organisers for the upcoming F1 Grand Prix of Europe in Azerbaijan say its inaugural event is not under threat, despite a recent global drop in oil and gas prices sparking economic concerns.

Azerbaijan is gearing up to host its maiden F1 race in June this year around the streets of its capital city Baku, but it comes at a time when global prices in gas and oil – which it is economically dependent on – have slumped.

Indeed, though Azerbaijan economy has grown sharply in recent years on the back of rising prices, the drop has caused the local currency, the Manat, to devalue sharply, raising concerns that it could be forced to rein in public spending in an effort to stabilise it again.

However, though organisers for the Baku City Circuit acknowledge the financial outlay of staging an F1 event is sizeable, they play down the negative impact such an event would have on the economy, instead maintaining that the tourism and publicity benefits would be of benefit.

“The devaluation of the Manat will have no impact with regards to the staging of the first ever Formula 1 race in Azerbaijan,” a statement issued to Crash.net said. “In fact, when the budget for the Grand Prix of Europe was approved, it was initially calculated in US dollars. As a result, we not expecting any changes to the current event budget.

“BCC shares the concerns of everyone at the current devaluation of our national currency. BCC also accepts that staging such a major event requires a significant financial outlay. However, we would once again stress that the overall economic impact - both short and long term, direct and indirect - created by staging an F1 race will be of huge benefit to the national economy.

“The impact of increased tourism and direct visitor spending that will be injected into Baku area business establishments such as restaurants, bars, hotels and retailers will see millions, if not more, pumped into the economy.

“Similarly, the hosting of the race itself will create thousands of jobs directly and indirectly linked to the event. We are confident that the staging of this race will not only play a major part in aiding the recovery in the short term but in driving the national economy forward for years to come, outweighing any existing concerns being levelled against the cost of staging it.”
by Ollie Barstow



Related Pictures

Click on relevant pic to enlarge
Baku, Azerbaijan
Baku, Azerbaijan
French Grand Prix at Paul Ricard
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, Celebration, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and 3rd place Sebastian Vettel (GER) Scuderia Ferrari SF16-H
27.11.2016 - Race, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner
27.11.2016 - Race, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016, Lewis Hamilton (GBR) Mercedes AMG F1 W07 Hybrid race winner and 3rd place Sebastian Vettel (GER) Scuderia Ferrari SF16-H
27.11.2016 - Race, 2nd place Nico Rosberg (GER) Mercedes AMG F1 W07 Hybrid and Champion 2016 and 3rd place Sebastian Vettel (GER) Scuderia Ferrari SF16-H

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.




© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.