Will Formula 1 Race Return To India? F1 CEO's Clear Statement; "We Will Be There For Sure"
Formula 1 is looking for the right set of promoters and collaborators for a sustainable return to India, its CEO Stefano Domenicali said without committing to a timeline for the marquee event's comeback to the country.
Formula 1 is looking for the right set of promoters and collaborators for a sustainable return to India, its CEO Stefano Domenicali said without committing to a timeline for the marquee event's comeback to the country. India hosted Formula 1 from 2011 to 2013 before the round was dropped from the calendar due to taxation and financial reasons. "There is a big interest from us to return to your country. There are the right things that we need to do, to find back again the right promoters, the right collaboration, and the right timing, which will not be in the very short term," Domenicali told FanCode, which broadcasts F1 in India.
"But when we talk about five years in Formula 1, it seems to be very far away, but it's not. There is not yet a fixed date on which we can really say something, but we see the interest that is growing at all levels." It is the first time in a long while that a key figure in F1 has spoken about the Indian market.
"It is very important to say that we need to feel the interest from all the stakeholders of India because this is a project that, when we reach back to your country, has to be big.
"It has to be the right one, with the right level of investment and the right level of people, because your market is just phenomenal. I just want to guarantee that we're going to be there for sure one day and in the right condition," Domenicali said.
Of late, the central government has expressed its desire to bring the coveted race back to India but massive private investment worth millions of dollars is needed to successfully stage the mega event on an annual basis.
The Adani Group recently acquired the assets of debt ridden Jaypee Group including the Buddh International City in Greater Noida, where the three F1 races were held in the previous decade. The onus will be on the Indian conglomerate worth billions to bring the high-profile race back to the country.
Earlier this year, Karan Adani spoke about the group's desire to host F1 in India.
F1 encouraged by India's rapidly growing fanbase
As per an F1 statement in December last year, the fanbase in India stood at 79 million. In less than six months, the number has grown to 98 million.
"It is a country of magic, a country of passion, a country of colour, a country of smiles," said Domenicali during the race weekend in Spain.
"India is an incredible market. First of all, because it's huge, but it's young - our fans are getting younger, more diverse, and there is an incredible enthusiasm. India for us will represent even more in the future an important market where we have to go." The F1 CEO is also impressed with the way the broadcaster in India is presenting the sport to the masses, giving them the choice to watch the action in three different languages – Hindi, English and Tamil.
"Being able to do this kind of personalisation, talking about India's many languages, dialects, and interpretations, is just the right way to be in the market," Domenicali concluded.
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