Formula 1 to ride on capital streets well into 2023

The motor roars of Formula 1 cars will be heard on Baku streets for three more years well into 2023.

President Ilham Aliyev received Chief Executive Officer and Executive Chairman of the Formula 1 Group Chase Carey on February 5.

Chase Carey, voicing his satisfaction with his recent visit to Azerbaijan, said that the race held in Baku was considered the best race as the result of analysis into 21 races in Formula 1 last year.

The head of state expressed his satisfaction with the high level of the Formula 1 race in Baku.

Saying that the number of tourists coming to our country increasing rapidly every year, President Aliyev said that last year foreign tourists spent more than $2 billion in Azerbaijan. He said that holding Formula 1 in Baku with nearly half a million audience contributes to the tourist flow to our country.

He underlined that all of these, in turn, create enormous opportunities for the development of small and medium-sized businesses in Azerbaijan's tourism industry, while more people in the world are getting information about Azerbaijan.

Thus, Formula 1 races in our country are of great importance both in terms of Azerbaijan's presentation in the world and at the same time in terms of economic benefits.

Chase Carey said that people coming to Baku to watch this race highly appraise what they see in the capital and say they love Baku very much. He said that holding the Formula 1 race in Azerbaijan, as well as attracting potential tourists to the country, also contributes to the recognition of Baku in the world.

The sides noted the importance of the third international conference on the Benefits of Hosting Major Sports Events (BHMSE) and exchanged views on the prospects of cooperation.

As part of his visit, CEO of Formula 1 Chase Carey took part in the Baku conference, which ended with the signing of a new contract.

The 2019 Conference of B HM SE was held at Baku’s Fairmont Hotel, located within the city’s iconic Flame Towers.

Azerbaijani Minister of Youth and Sports Azad Rahimov and Chase Carey inked a three-year contract extension that will see the Formula 1 Azerbaijan Grand Prix remain on the F1 calendar until 2023.

With the current agreement up for renewal in 2020, today’s announcement was welcomed by all parties since it ensures that one of the most popular races in Formula 1 will continue to excite motorsport fans around the world for the foreseeable future.

Speaking afterwards, Rahimov celebrated the extension of the Azerbaijan Grand Prix’s contract with F1. “This is a truly proud day for all of us," he said. "The last few years have been a dream come true for the people of Baku as we have seen our race weekend grow from a simple idea into one of the most dramatic and exciting race weekends in F1’s history. Already, we have played host to some of the sport’s most iconic moments. Furthermore, every year we have seen more and more fans from all over the world attended the race and have been overwhelmed at how well our event has been embraced by the global Formula 1 community."

He went on to say that this new agreement will allow our race to maximise its commercial revenues through increased fan-engagement activities and a brand-new sponsorship approach to engage our local and regional businesses with Formula 1’s global platform.

“With these exciting opportunities in mind, extending our contract was never in question and we are delighted to stay in this wonderful sport for another 5 years at least,” he added.

Commenting on the issue, Carey expressed satisfaction with the renewed agreement, which will see the Azerbaijan Grand Prix feature on the Formula 1 World Championship calendar for many years to come.

“In just a short space of time, this race has become one of the most popular of the season, always producing closely fought and spectacular racing. The Republic of Azerbaijan provides a really excellent welcome to everyone in Formula 1 and the beautiful city of Baku is an amazing backdrop for the greatest motor racing show in the world. All fans of our sport should make a note in the diary for the 28th of April, the date of the Formula 1 Azerbaijan Grand Prix 2019,” he said.

Formula 1’s Senior Manager of Promoters and Business Relations, Emily Prazer, BCC’s Executive Director Arif Rahimov, CEO of the Azerbaijan Tourism Board Florian Sengstschmid and Heineken International’s Sponsorship Lead for Formula 1 & Formula E Ben Pincus formed a lively and highly experienced panel discussing the beneficial impact of hosting major sporting events in new markets and the Formula 1’s position as a global brand platform.

The symposium, organized in association with the American Chamber of Commerce in Azerbaijan – now in its third year– was attended by over 200 delegates and also featured stellar contributions from high-profile representatives including key figures from within the Azerbaijani government as well as its business, technology and travel industries.

According to the results of the 2018 season, the Grand Prix of Azerbaijan has gained the greatest fame among Formula 1 races, and Baku is also a great place to hold sports competitions, Chase Carey said later.

He noted that the Formula group of companies is pleased to cooperate with Azerbaijan and attaches great importance to this cooperation.

“I express appreciation for the hospitality. Held in Azerbaijan, this competition takes its significant place among Formula 1 races,” said Carey.

He noted that in the 2019 season, certain changes would be made in Formula 1 racing.

“In 2019 you will see new pilots, changes will be made to the teams, the number of race organizers will increase. All this serves to ensure that the races are held at a higher level,” he added.

Although the city has already hosted F1 Azerbaijan Grand Prix in 2016, 2017 and 2018, Baku is still a relatively new page in the history of Formula 1 races, and now it became known that 2019 is not the last time when the roar of motors is heard in the beautiful capital.

The 2018 Formula 1 Azerbaijan Grand Prix, which runs along the Baku City Circuit and fascinates viewers and fans with modern architecture, as well as historic buildings, was last held on April 27-29. Lewis Hamilton from Mercedes won the Formula 1 Azerbaijan Grand Prix in Baku.

The length of the Baku track, where teams competed for the championship, each represented by two drivers, was just over six kilometers. The length of the widest part of the track was 13 meters, and the narrowest width was 7.6 meters between the turns 7 and 8, which are situated along the Icheri Sheher (Inner City).

The next Formula 1 races will be held in Baku on April 26-28, 2019.