The Generalitat endorses Formula 1 with up to 28M dollars a year

Specifically, the Government has agreed to grant a guarantee and a counter-guarantee of US $ 25 million for next year. The amount will grow to reach $ 28 million by 2026.

The organizers of Formula 1 always demand that, in exchange for celebrating the grand prize in Montmeló, the Generalitat guarantee them a certain level of income. The endorsement is used for this. For more than a decade now, in practice, the guarantee has meant that the Generalitat ends up paying money every year to the organizing company, as Formula 1 does not generate enough income from ticket sales to cover what it requires. the contract.

Last year the Generalitat had to pour 19 million into the Circuit, a record figure. This 2022 could be different, given the public success of Formula 1 (121,000 spectators were present on the Sunday of the race) but it is not yet known what impact this has had on the Circuit’s accounts.

The euro-dollar exchange rate (which has just reached parity for the first time in two decades) does not play in favor of Europeans, who have to pay a dollar contract. For example: the $ 25 million that the Generalitat has guaranteed for next year is equivalent to 25 million euros today. But a year ago, when the euro was more expensive, it was 21 million euros. However, the government also tends to take out insurance that shields the exchange rate to avoid large fluctuations.

For some time now, the Minister of Business, Roger Torrent, has promised that the Circuit de Catalunya would be “a benchmark in sustainability and digitalisation”. His department plans to present in October a strategic plan to diversify the offer and “make the Circuit go further and reach areas where it has not yet reached.” It is not yet known what these promises will translate into. The answer, in October.