Greece yesterday approved a 37 million dollar grant for a 133 million dollar F1 track. You might remember that Greece nearly tanked the world economy with it’s troubles and there has been much civil unrest there. You might think building an F1 track, which, if we are honest, will cater toward the more wealthy types, might tick off the people of Greece. You’d be right! Reports are that people are pretty unhappy with the decision, but the Greek govt says it will create 800 jobs and bring in tourists to a country which has an ailing tourism industry. Of course Greece also has to actually secure an F1 race which puts it amongst some pretty big competition. I hope it all works out for them, but it seems like a bit of a dumb move to me.
Source F1
3 comments
October 5, 2012 at 8:57 am (UTC -5) Link to this comment
Here is what I don’t understand. Why build a track with only 1 race series in mind? Granted if F1 can race there, then probably anyone else could too, but it seems to be a trend recently of saying your building an F1 track. If I was doing it I’d promote it as building the best possible course for racing “IN THE WORLD”. And if F1 wants to race here we’ll let them. Don’t go begging to Ernie to have him jerk you around.
Jason
October 5, 2012 at 2:19 pm (UTC -5) Link to this comment
The best way for an F1 track to go broke is to have F1 there. The fees and demands are outrageous.
pistolpig
October 5, 2012 at 6:17 pm (UTC -5) Link to this comment
I agree with both the points you guys have made.
Firstly, Talus, you’re right. Of course they should be trying to host as many races and race series there as possible to offset the building of the track in the first place. Focusing only on F1 doesn’t make financial sense, especially if the specialist layout for F1 makes compromises for other car classes that could race there. The Austin track has at least contracted V8 Supercars and is making an effort to get other series as well.
Secondly, Jason, absolutely right mate. The fees and demands are so outrageous that a Melbourne cost analysis has just gone through. They’ve found that even including the flow-on effect to local businesses – motels, food shops etc etc from the GP being in town, the F1 event is a massive loss maker for Victoria. Discussion on the tv at the moment suggests the event will be dropped from Australia altogether.