For the following three years, Baku will continue to host Grand Prix competitions, per an agreement between Azerbaijan and Formula 1. Many people in the nation believed the races had not benefited the country, so they were eager for the previous agreement to expire this year.
As agreed upon with the host nation, Formula 1 said on April 29 that the Azerbaijan Grand Prix will remain through 2026. When it initially began to host the race in 2016, Azerbaijan signed a five-year contract with Formula 1, which was then extended through 2023.
The Baku City Circuit has gained enormous popularity as a Formula 1 track. The announcement quotes Stefano Domenicali, President and CEO of Formula 1, as saying, "It is a wonderful circuit that always offers huge drama and has hosted some of the most exciting races in recent memory.
"We are delighted to deepen our partnership with Azerbaijan and look forward to advancing our development together."
We are happy to reaffirm our continuous collaboration with Formula 1," said Farid Gayibov, minister of youth and sports for Azerbaijan. The sport has had a great impact on our city and nation ever since we first held this event in 2016 in terms of economics, society, and culture.
However, Baku residents and economists have been debating the value of hosting the races for years. It appears to have had little positive impact, with its only noticeable effects forcing pedestrians to cross walled streets and occasionally impeding traffic in the capital.The administration, according to economist and lawmaker Natig Jafarli of the Republican Alternative Party, cannot provide any advantages that would justify holding the event, such as indirect tourism money, particularly given that the nation's land borders have been blocked for three years.
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