Azerbaijan GP’s new F1 deal

THE AZERBAIJAN Grand Prix in Baku will continue at least until 2023 after the organisers of the event renewed their contract, Formula One management said yesterday.

The renewal is the first to be signed in 2019, with the Azerbaijan Grand Prix following the Belgian, Chinese, German, Japanese and Singapore races extending their deals over the previous two years.

“We are very pleased to have renewed this agreement which will see the Azerbaijan GP feature on the FIA Formula One world championship calendar for many years to come,” F1 chairman and chief executive Chase Carey said in confirming the three-year extension.

“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.”

Azerbaijan was keen to renegotiate its deal post-2020 to pay less in race-hosting fees and gain more commercial benefits, promoter Arif Rahimov had said last May.

“This new agreement will allow our race to maximise its commercial revenues through increased fanengagement activities and a new sponsorship approach,” Azerbaijan’s sports minister Azad Rahimov added.

“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 five years at least.”

| Reuters