Copenhagen F1 race in doubt over funding

15/06/2018
NEWS STORY

While Formula One Management has made no secret of its desire to take the sport into the heart of its so-called destination cities, one of many factors that has to be overcome is the financing of the events.

While it is believed FOM is looking to share the cost of hosting the planned F1 race in Miami - and thereby share the profits (if any) - a disagreement over the financing of a hoped for race in Copenhagen has now placed that event in doubt.

Following a meeting between the Danish Finance Minister, Kristian Jensen, and Copenhagen's mayor, Frank Jensen, it is claimed the two were unable to agree on funding.

"The government is prepared to put some money into the hosting of Formula 1 in Denmark," Kristian Jensen told Politiken. But we don't think it's reasonable that the city where such a large event is to take place does not also contribute economically."

Jensen added that other regions, including Odense, Herning and Horsens, have usually made significant financial contributions in order to secure sporting events, most notably the Giro d'Italia and Tour de France.

"We ask all cities to be a part of funding when a major sporting event is in town," added Kristian Jensen. "So it is also fair for Copenhagen Municipality to do this."

According to a statement issued following Thursday's meeting, the Ministry of Finance will officially inform the municipality of Copenhagen that; "if we are to continue on this path, we in the government expect Copenhagen Municipality to be prepared to contribute financially to the hosting of Formula 1 in Denmark".

Lord mayor Frank Jensen has one-vote majority on the city council as talks continue with the government and the two men driving the proposal for the race, Lars Seier Christensen and former minister Helge Sander.

Needless to say, other than the finance issue, a number of political parties are wholly against the idea of a race on the city's streets including the Red-Green Alliance, Alternative, the Socialist People's Party and the Social Liberals, while a number of Social Democrat councillors are sceptical of the plan, which would require municipal approval for the use of the city's roads.

It's believed that FOM is hoping to host the Miami event as early as next year, with Vietnam and Copenhagen to follow in 2020.

Article from Pitpass (http://www.pitpass.com):

Published: 15/06/2018
Copyright © Pitpass 2002 - 2021. All rights reserved.