F1 To Host Race in India in 2011

by Jon Azpiri | November 7, 2008 at 12:58 pm

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F1 has announced plans to host racing event in India. F1 has signed a 10-year contract to hold a race near New Delhi starting in 2011.

The new agreement will be a boon to India's growing economy.

he benefits of aspiring nations joining the F1 calendar are clear: an Indian grand prix could generate around $170m in revenues and employ 10,000 people.

Hotels and tourism also get a boost as more international flights arrive, given that certain flyaway events (the races held outside Europe) sell at least 50 percent of their tickets to foreigners.

F1 officials also hope to create new racing fans in India.

What F1 needs is for Indians to tune in. Cricket is king in India, and always will be, but it is the country's car-buying middle class -- estimated at 50 million and rising -- that F1 has on its radar.

"An Indian GP would satisfy the legions of Indian fans of the sport who are currently glued to the television on Sundays and turn up in droves at various venues where large viewing screens are put up," said Narain Karthikeyan, who became the country's first F1 driver in 2005.

The sport has also seen a rise in interest thanks to the Force India, a F1 team owned by a consortium led by Indian billionaire Vijay Mally. Force India, which was founded in 2007, has undergone some changes recently. The team ended its relationship with Ferrari and has undergone management restructuring.