Azerbaijan invests 80% of the total cost in the "Formula-1" race, said the Minister of Sports and Youth of Azerbaijan Azad Rahimov, without mentioning the sum of the cost of racing, in his interview to TASS.
Azerbaijan receives revenue only from ticket sales. "Until we have our own advertising spots, we cannot attract sponsors, all advertising belongs to Formula One," the minister admitted. In 2018, the Grand Prix of Azerbaijan will be held from 27 to 29 April.
Today, the head of state Ilham Aliyev received the executive director of the Formula 1 race, Chase Carey. The details of the talks in the official message are not disclosed.
However, judging by the statements of Azad Rahimov, Azerbaijan is not satisfied with the current conditions under which the authorities fail to cover the costs of organizing races by selling tickets.
In 2016, Rahimov said that the costs of the competitions will not exceed 100 million, manat (66 million dollars).
However, according to unofficial data, Azerbaijan's investments in the races amounted to $ 300 million.
After that, annually for five years, the organizers must invest a lot of money in the race. In case of refusal to hold races, Azerbaijan will have to pay a fine of 100 million dollars, Rahimov admitted in one of the interviews.
As for the sale of tickets, Azad Rahimov did not hesitate to admit that in 2016 the revenue from ticket sales was only $ 1.32 million. Against the backdrop of all this, the Azerbaijani authorities cannot explain why it was necessary to start such an expensive event without having the opportunity to recoup costs.