17 January 2024 , 21:00
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A new Formula 1 street race in Madrid is set to be announced next week.
The proposed event has been discussed for some time between stakeholders and, several weeks ago, reports emerged that a deal was close to being reached. Now, an official announcement is imminent, according to the Associated Press.
Jose Luiz Martinez-Almeida, Madrid's mayor, teased that "some good news" will be announced on Tuesday. Details are set to be made public from an event in the Spanish capital, which last held an F1 race in 1981 at the Jarama track north-east of the city.
The new street circuit is planned close to Madrid's Barajas international airport. The track is next to Real Madrid's Valdebebas training complex and encompasses the IFEMA convention centre which last year hosted the F1 Exhibition.
It has not been decided when the first Madrid Grand Prix will be held. Some reports have suggested a debut in the 2026 season, which would mean two races in Spain that year as Barcelona's Circuit de Catalunya has a contract which guarantees it an annual F1 event up to then.
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Its place in the sport beyond that, however, will be thrust into further doubt with the announcement of the Madrid race. The United States and Italy are currently the only countries which host more than one F1 event annually.
Spain is unlikely to be given the same treatment in the long-term. That's despite increased interest in the sport in recent years, owing to the fact both Fernando Alonso and Carlos Sainz have been driving for competitive teams and scoring prominently.
But more European events on an annual basis are not likely. F1 is already at its limit of 24 races per season and, although the Concorde Agreement between teams is being renegotiated and could potentially allow for extra events, Mirror Sport understands F1 chiefs' preference right now is to not go beyond that figure.
In recent years, newly-created events have been focusing on other markets rather than Europe. The US now hosts three races annually after the creation of new street tracks in Miami and Las Vegas, while the Middle East has been another area of growth with the addition of events in Qatar and Saudi Arabia.
The Circuit de Catalunya has been the home of F1 in Spain for more than 30 years, having hosted the Spanish Grand Prix annually since 1991. Its current contract was signed five years ago when a commitment to track improvements was made.