Formula-1 is very popular and favorite in the entire world; however, its organization is costly and labor-intensive process. As for the races in Baku, there are a few more significant nuances: the races take place in old and narrow streets of the city center, that force pilots to perform different maneuvers. It is this, though; Chase Carey called the races in Baku the best 21 competitions held last year.
It turns out that, on one side many fans of this kind of sport are happy for Baku races, on the other side the locals do not support the same for blocked roads, constant noises and other inconveniences caused by Formula-1.
However, the period was extended, which means that the government of the country sees in it more benefit than harm.
According to some experts, the country’s direct income from races in Baku was $164.2 million. And this is the sum of money obtained without taking into consideration the sale of tickets, organized concerts and other non-commercial events.
The new contract sets out the terms and conditions more beneficial for Azerbaijan. Azad Rahimov, the Minister of Youth and Sport, noted that it will bring more dividends.
It should be noted that usually the proceeds from Formula-1 racing cover the costs in 5-10 years. But in Baku it took only 2 years.