Formula 1 returns to China. The automobile competition has announced the extension of the contract with the Chinese Grand Prix until 2025. T
Formula 1 returns to China. The automobile competition has announced the extension of the contract with the Chinese Grand Prix until 2025. The objective of Formula 1 is to return to the circuit as soon as possible and keep it on its calendar, despite not racing in China since 2019, when the competition celebrated its thousandth race, due to the pandemic.
The circuit fell from the 2020 and 2021 edition due to the Covid-19 restrictions approved by the Government of China. The track will also not be part of the record 23-race calendar for the next edition in 2022.
The automobile competition debuted in China at the Shanghai International Circuit in 2004, with Ferrari’s Rubens Barrichello winning the opening race.
Formula 1 debuted at the Shanghai International Circuit in 2004
“Our partnership with promoter Juss Sports is incredibly strong and we look forward to continuing our long-term partnership,” explains Stefano Domenicali, President and CEO of Formula 1. “While we are all disappointed that we were unable to put China on the calendar from 2022 due to ongoing pandemic conditions, China will return to the schedule as soon as conditions allow and we look forward to returning with fans as soon as we can, ”he adds.
The largest automobile competition in the world is organized by the International Automobile Federation (FIA), although it is managed by Formula One Group. This company was acquired by the American Liberty Media in September 2016 and, currently, Formula 1 is in a process of structural and competitive changes.
Formula 1 Group posted a profit of $ 68 million in the third quarter compared to 92 million in the red in the same period last year. The group added 78 million profits in the first six months compared to losses of 543 million dollars in the same period of the previous year. In terms of revenue, in the second quarter of the year, Formula 1 registered $ 501 million, compared to only $ 24 million in the same period last year, due to the hit of the pandemic in the sports sector.