The upcoming 2026 Formula 1 race on the streets of Madrid has, so far, been unable to secure private investment.
According to Soy Motor, officials from the Madrid council confirmed this week that the city's event organiser, Ifema, is set to experience financial losses related to the race's planning, both this year and in 2025.
"It has been confirmed that there are no qualified partners capable of meeting the strict requirements," stated Engracia Hidalgo, head of economy, innovation, and finance for the council.
Earlier this year, Formula 1 signed a long-term agreement with Ifema, casting doubt on the future of the current Spanish Grand Prix host, Barcelona, beyond 2026.
"Once Ifema had obtained the rights and the different management formulas had been analysed and assessed, it is true that we signed the management contract, and basically due to the number of additional clauses we put in, we have not found the company that initially wanted to transfer that risk," Hidalgo added.
Despite the challenges, Hidalgo remains confident that the Madrid GP will eventually have "a significant economic impact" on the city and become profitable, though it may take time.
"The expected benefits of Ifema's current activity in 2024 and 2025 will offset the negative results of Formula 1 in those two years and then the remaining years will be profitable for Ifema," she concluded.
