Sources: turan.az, bbc.com
Azerbaijan will be the host of Formula 1 Grand Prix for 10 years, the
Azerbaijani service of BBC
reports citing the official information of FOM, the competition owner.
For now, the details of the contract as well as the amount of money paid by Azerbaijan to host the race are not disclosed. However, according to BBC, only in 2016 Azerbaijan will pay $34 million. The budget will increase by 10% annually, BBC reports.
In addition, the organization of Grand Prix will cost Azerbaijan $80-90 million, says an expert Christian Sylt. According to Minister of Sports and Youth Azad Rahimov, additional resources will be required to repair the roads that will be used for the races and for operating expenses, seminars, events, etc.
When BBC asked the organizers about the sources of funding, they said they hoped for sponsors and ticket sales. According to official documents, the state budget of Azerbaijan presumes 324 million AZN to host international competitions.
The organization of such expensive international events have long been subject for criticism of the public opinion and activists. Thus, the leader of the Popular Front Party Ali Kerimli posted on his Facebook page: “All these costs will take place on the background of the closure of 100 thousand jobs, unpaid loans by 2.5 million citizens, and a constant rise in prices. Do we need such a senseless, wasteful, and corrupt government?”