EU preparing 'further countermeasures' to protect its interest, von der Leyen says    911 emergency centers handle over 2.8 million calls in March    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Saudi Arabia posts SR49.8 billion travel surplus in 2024 as visitor spending hits SR153.6 billion    Saudi Arabia urges stronger global action to protect children in cyberspace at UN    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Follow the Money: F1 mantra
Published in The Saudi Gazette on 17 - 06 - 2016

BAKU — Azerbaijan makes its Formula One debut this weekend but there is nothing new about the commercial logic that brings the sport to Baku.
'Follow the Money' has long been Formula One's mantra and the oil-rich country ticks a fair few boxes even if the sharp decline in worldwide oil prices has hit the economy and currency of late.
The latest models of Rolls-Royce are displayed in brightly lit showrooms, Ferrari and Lamborghini dealers are not hard to find and nor are shops selling luxury brands.
For those willing to part with significant amounts of cash, Grand Prix racing with its roots and soul in the European temples of motorsport such as Monaco and Monza, Spa and Silverstone, has cachet.
The sport, which had estimated turnover of $1.9 billion in 2015 according to Autosport magazine, wants to grow its revenues and, increasingly, that means leaving mainstream Europe far behind.
"The challenges some European economies have are such that it makes it very difficult for them. You have to go where the growth is," Martin Sorrell, chief executive of advertising giant WPP and a Formula One board member, told the official www.formula1.com website in an interview this month.
"If you run a country and want to put it on the global map you don't have so many choices," he added when asked about the rationale for countries like Azerbaijan who lack any motorsport tradition.
"You can get the Olympics, the World Cup or a Formula One race. And the first two are only every four years — and you have them only once."
Azerbaijan sees Formula One and other major events as a means to project a modern, more dynamic image to a global television audience and promote long-term economic growth.
The former Soviet republic has hosted the inaugural European Games and the Eurovision song contest and is set to have rounds of the 2020 European soccer championship. Baku also bid unsuccessfully for the 2016 and 2020 Olympics.
Sunday's race is officially the "European Grand Prix," a designation previously given to circuits in Britain, Germany and Spain.
Russia, China, Bahrain, Abu Dhabi, India, Malaysia, South Korea, Turkey and Singapore have all made debuts in the last two decades — with some already gone — while European races are now a minority on a record 21-round calendar.
Germany was absent last year, Italy has yet to agree a contract beyond 2016 and France has not had a race since 2008.
No figures are given for how much Formula One Management charges for hosting fees, which differ from country to country, but media reports have suggested Azerbaijan is paying around $40 million a year.
With only 28,000 tickets available for the race in Baku, the amount organisers can recoup will be a fraction of the outlay but breaking even was never the main aim.
"The primary objective is to promote our city from the tourist point of view and investments," race promoter Arif Rahimov said last year.
The expansion into new territories has also put the sport's position on human rights in the spotlight, and questions about the records of some of the governments bankrolling the new races are awkward.
Various European bodies and human rights groups have accused Azeri President Ilham Aliyev of muzzling dissent and jailing opponents, charges Baku denies.
"I would not want to comment," said Mercedes team boss Toto Wolff when asked by Reuters about the situation in Azerbaijan.
"We are here to put on a great sports show and go car racing and we have Bernie (Ecclestone) who is the (series) promoter and the FIA which is the regulator and us as a team should keep out of it and just go and race."
Hamilton unimpressed
Lewis Hamilton, who is looking to complete a hat trick of wins that could put him back above Mercedes teammate Nico Rosberg on top of the drivers' championship standings, said he had tried the track in his team's simulator.
"It's just another new track," said the defending three-time world champion of the controversial addition to the F1 calendar under attack from human rights protesters.
Hamilton added: "There's one very tight spot on it. It's got a very long straight... I don't have a lot to say about it. I don't know what I can say...
"Monaco is the street circuit and they don't make them like that. I don't why they don't, but why don't they just make street circuits like they used to?
"I don't understand. It's super wide in some places — as wide as a motorway almost, but, hopefully, it will be fun."
Just days after his second win of the season at the Canadian Grand Prix had trimmed German Rosberg's lead to nine points, Hamilton has the incentive he wants and the momentum to deliver a result.


Clic here to read the story from its source.