Spokesman plays down fears about Madrid GP

A government spokesman in Madrid has played down new fears about the health of the new Formula 1 project.

The Spanish capital, via its events subsidiary Ifema, has agreed a long-term deal with F1 to host a brand new street race from 2026 - even taking over the Spanish GP title from the now-endangered existing host in Barcelona.

But the city council’s economy and finance head, Engracia Hidalgo, admitted this week that race organisers have yet to find any private investors for the F1 event.

However, official Madrid government spokesman Miguel Angel Garcia insists that Ifema is still "complying with its work program" in preparation for the race’s 2026 debut.

He insisted that taxpayers "will not provide funds" for the F1 event.

"Ifema Madrid, as the promoter, is fulfilling its work program and taking the necessary steps so that our region can host an event like this," he added.

"(Ifema) is working with the calendar that had been set. We remain calm that the Formula 1 event is well underway."

With a similar reassuring message is the urban planning delegate, Borja Carabante. "No pessimism at all," he insisted.

"I think it is extraordinary news that such an important event as Formula 1 is coming, which represents a lot of money in investment and direct jobs, and above all positions Madrid as a capital that is experiencing its best moment."