Over the last few years, F1 has witnessed a massive growth in popularity with multiple new venues being added to the calendar. Las Vegas, for instance, which made its debut in 2023, turned out to be a huge hit commercially, and now, with Madrid set to host a street race from 2026 onwards, the stage is set for more success.
Madrid is set to replace Barcelona as the host city for the Spanish GP. The event’s promoters—IFEMA—want it to be bigger and better than F1 racing in the country ever was. For that, they have signed a deal with Match Hospitality, a Swiss company reputed for managing some of the biggest sporting events in the world.
Match Hospitality has previously organized the FIFA World Cup for four consecutive editions between 2010 and 2022, and also the ATP Finals. They also have F1 experience, having previously been in charge of the British GP.
Madrid to host the Spanish Grand Prix from 2026!
Featuring a brand-new circuit located in the city of Madrid!
Here’s all you need to know #F1 @IFEMA pic.twitter.com/KHucpnlDZV
— Formula 1 (@F1) January 23, 2024
The deal between IFEMA and Match Hospitality is valued at around $420 million, surpassing the offers made by companies like Legend and soccer club Atlético Madrid. It will last for 10 years, until the 2035 Spanish GP, as reported by Marca.
The money will be used to enhance the luxury of the venue, with multiple VIP areas and hospitality programs planned. These will follow the models used in Miami and Las Vegas, combining the sporting aspect of F1 with the entertainment side that fans have grown to love in recent years.
F1’s success in the US
Until 2021, there was just one race in the US, taking place in Austin, Texas. However, with Drive to Survive fueling the sport’s growth, F1’s owners Liberty Media decided to add more races to cater to the demand of the American market.
Miami got introduced in 2022 and Las Vegas a year later. F1 put a lot of money into both, particularly Las Vegas, which some were skeptical about. However, the gamble paid off.
F1 put in more than $500 million to make the race in the Sin City a success, and they got around $1.2 billion out of the weekend per Autosport. $884 million came from F1 fans directly, who spent 3.6 times more than an average Las Vegas-bound tourist would.
Miami, too, turned out to be one of the most popular F1 races on the calendar, with the 2024 edition becoming the most-watched race in America ever. IFEMA and Match Hospitality would be looking to have a similar effect on the audience in Spain.
