The president and CEO of Formula 1, Stefano Domenicali, responded to the news of the Madrid Circuit in the official press release posted along with the announcement.
The new track in Madrid will be 5.474 km (3,401 miles) long. It will include 20 corners, and the fastest qualifying laps are expected to range somewhere around 1 minute and 32 seconds.
Madrid Circuit will use the roads of IFEMA Madrid (the presenter and promoter of the event) along with fairgrounds and future roads of the Valdebebas site and 1,5km (0,93 miles) of public roads.
The official press release states that the circuit's capacity will start at 110,000 spectators during its inaugural year and will later increase to over 140,000 in the fifth year.
It is important to note that the image of the circuit above is the version of the circuit that is being proposed at the moment. However, it still has to be homologated by FIA so we might see a few changes to the layout in the future.
Why would a city like Madrid want to organize a Grand Prix event?
The answer is simple. F1 brings a lot of tourism and international attention to the city which increases its attractivness and boosts its economy. The official press release
"The agreement spans 10 years of competition, from 2026 to 2035, and its celebration will result in annual revenues of 450 million euros for Madrid."
Madrid Circuit - "New chapter for F1 in Spain"
The president and the CEO of Formula 1, Stefano Domenicali, was quoted in the official press release posted on the ifema.es website as saying:
"Madrid is an incredible city with amazing sporting and cultural heritage, and today’s announcement begins an exciting new chapter for F1 in Spain."
The new Grand Prix venue will also embrace innovation sustainability. It is suggested the Spanish Grand Prix
organized in Madrid will exceed F1's sustainability requirements. Domenicali added:
"I would like to thank the team at IFEMA MADRID, the Regional Government of Madrid and the city’s Mayor for putting together a fantastic proposal. It truly epitomises Formula 1’s vision to create a multi-day spectacle of sport and entertainment that delivers maximum value for fans and embraces innovation and sustainability."