Azerbaijan signs 10-year contract to host Formula-1
08.02.2016 16:00
Azerbaijan has signed a contract to host Formula-1 European Grand Prix for 10 years, said Azad Rahimov, the minister of youth and sports.
Playing host to the games for the first five years is mandatory, meaning the country will be fined if it violates the contract, Rahimov said.
The budget for the competition is $12 million including fees and organizational costs, the minister said, adding that full information will be released later.
Formula 1 European Grand Prix will start in Baku on June 19.
www.ann.az
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