Greece has unblocked a subsidy of nearly 30 million euro's
for the construction of a racing circuit capable of possibly staging an F1 race
in the future.
According to the ministry of development, the circuit will
be located in Xalandritsa, near Patras. This is one of Greece's largest urban areas. The track will be of "an international standard".
Reports from Bloomberg suggest that the track could cost 94.6 million euro's and could help the country host an F1 race in the future.
The track will also be designed to host other motor sport series like motorbike and feeder series racing.
Racetrack Patras SA is set to oversee the project. They are a private investment company. Despite its large size, there has yet to be a Greek F1 driver and the countries only major motorsport involvement is its round in the World Rally Championship.
However could it work? Is this the best way to spend their money? Greece has been in recession for some time and figures show it contracted 6.2 per cent in the second quartile of 2012.
The predicted economic state of the country looks poor too, with its economy set to shrink further still in 2013.
The country has been in economic crisis since 2009, so how can they expect to host an F1 race?
There is no doubt that hosting a race brings in significant financial gains, but the road to get there will mean money is being used. The cost of building and staging the event will be big; however it will benefit the countries tourism which makes up 18% of its overall GDP. We will have to wait and see what happens with this one.
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| Sourced from carscoops.com |
Reports from Bloomberg suggest that the track could cost 94.6 million euro's and could help the country host an F1 race in the future.
The track will also be designed to host other motor sport series like motorbike and feeder series racing.
Racetrack Patras SA is set to oversee the project. They are a private investment company. Despite its large size, there has yet to be a Greek F1 driver and the countries only major motorsport involvement is its round in the World Rally Championship.
However could it work? Is this the best way to spend their money? Greece has been in recession for some time and figures show it contracted 6.2 per cent in the second quartile of 2012.
The predicted economic state of the country looks poor too, with its economy set to shrink further still in 2013.
The country has been in economic crisis since 2009, so how can they expect to host an F1 race?
There is no doubt that hosting a race brings in significant financial gains, but the road to get there will mean money is being used. The cost of building and staging the event will be big; however it will benefit the countries tourism which makes up 18% of its overall GDP. We will have to wait and see what happens with this one.
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