Rwanda Grand Prix: How Much It Takes To Host Formula 1 Event As Kagame Announces Bid
- Rwanda's President Paul Kagame recently confirmed that his country had placed an official bid to host Formula 1 Grand Prix
- Africa is the only continent without a Grand Prix, with 1993 in South Africa being the last time Formula 1 was hosted on African soil
- YEN.com.gh looks at the ballpark figures of how much it would cost to host Formula 1 as Rwanda continues with its audacious bid
Rwanda recently hosted the general assembly and prize-giving of the governing body for Formula 1, the Fédération Internationale de l'Automobile (FIA).
Led by four-time winner Max Verstappen, a host of Formula 1 drivers trooped to the country's capital of Kigali for the glitzy ceremony.
Source: Getty Images
Rwanda announces Formula 1 Grand Prix bid
It is here where Rwanda's President Paul Kagame officially confirmed the rumours of Rwanda's bid to host a Grand Prix in the near future.
"I am happy to formally announce that Rwanda is bidding to bring the thrill of racing back to Africa by hosting a Formula 1 Grand Prix," he said.
Has Africa ever hosted a Formula 1 Grand Prix?
Africa is the only continent in the world that doesn't have a Grand Prix. The last time the continent witnessed the highest echelons of motorsport was in 1993, when it was hosted at the Kyalami circuit in Johannesburg, South Africa.
Talks to revive the circuit broke down after FIA failed to agree with the local promoter, leaving Rwanda's aspirations as the most feasible route for Africa to have a Grand Prix soon.
Why Africa doesn't have a Formula 1 Grand Prix
But as YEN.com.gh previously highlighted on why Africa has never hosted the Olympic Games, the main issue often boils down to the expensive cost of hosting a Grand Prix.
A study by the Michigan Journal of Economics reveals that designing and building a race track, if a country doesn't have one already, costs at least $270 million(Around 34 billion shillings) with a yearly maintenance of $18.5 million.
However, the $270 million doesn't include other important features like race pits, safety barriers, fencing, parking lots, etc.
Where will Rwanda host the Formula 1 Grand Prix?
Rwanda has been building one near Bugesera Airport, which is around 45 kilometres from Kigali. The designer is Alexander Wurz, a former Formula 1 driver and the chairman of the Grand Prix Drivers' Association. He is also the one in charge of the new Qiddiyah track in Saudi Arabia.
How much countries pay to host Formula 1 Grand Prix
After having a track in place and approved by FIA inspectors, a country has to pay a fee to Formula 1 to host a Grand Prix.
In 2023, RacingNews reported that the Grand Prix in Baku was the most expensive one, with Azerbaijan forking out $57 million. The figures vary from country to country depending on the types of contracts negotiated. The lowest fee in the report was the $20 million Monaco paid.
"We are aligned on our values and shared goals across key sectors such as innovation, sustainability, and road safety, and I look forward to our continued partnership. The future of motorsport in Africa is bright," said FIA president Mohammed Ben Sulayem.
How much Max Verstappen got for winning 2024 F1 title
YEN.com.gh previously highlighted Max Verstappen's impressive earnings after clinching the 2024 F1 championship.
The Red Bull driver secured his fourth consecutive title with two races to spare, achieving an insurmountable lead over McLaren's Lando Norris.
Source: TUKO.co.ke
