Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Bolsonaro backs Rio to host 2021 Brazilian Grand Prix

Published 06/24/2019, 06:48 PM
Updated 06/24/2019, 06:50 PM
© Reuters. Brazil's President Jair Bolsonaro attends a ceremony of the Brazilian National Development Bank (BNDES) Line of Credit for Philanthropic Organizations at the Planalto Palace in Brasilia

BRASILIA (Reuters) - Brazilian President Jair Bolsonaro vowed on Monday to move the 2021 Brazilian Formula One Grand Prix to Rio de Janeiro after the contract for Sao Paulo's Interlagos racetrack expires next year.

Bolsonaro said a yet-to-be-built private racetrack in Rio would have a capacity for 130,000 fans compared to 60,000 at the Sao Paulo venue.

"No one is trying to take Formula One away from Sao Paulo. The race will stay in Brazil, that's what counts," Bolsonaro said at a news conference also attended by Formula One chairman Chase Carey and Rio Governor Wilson Witzel.

Carey said that nothing had been decided and he would discuss it with both cities.

Carey will meet Sao Paulo governor Joao Doria, a possible presidential candidate in 2022 who is keen to keep the race in Brazil's largest city, on Tuesday.

He indicated that he was looking for the best venue to provide a spectacle that draws the fans and can stimulate the local economy.

"We want it to be in a destination city that captures the world's imagination," he said.

The Brazilian Grand Prix has been held in Sao Paulo continuously since 1990 and Rio's Jacarepagua circuit was demolished to make way for facilities for the 2016 Olympics.

© Reuters. Brazil's President Jair Bolsonaro attends a ceremony of the Brazilian National Development Bank (BNDES) Line of Credit for Philanthropic Organizations at the Planalto Palace in Brasilia

Bolsonaro, a Rio resident, said the new circuit will be built in the Deodoro sector of western Rio and be a multi-purpose facility where music shows and other events can be held to make it profitable.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.