Panel SA: Doria raises BRL 18 million of the BRL 24 million planned to fund Formula 1 in SP

The Doria government sold 3 of the 4 shares of advertising space at this year’s Formula 1 Grand Prix, which total R$18 million. The resource will be transferred to the City Hall of São Paulo to pay the fee that is now being charged by the host city for organizing the event. The unsold sponsorship quota was worth another BRL 6 million.

This was the first time that the state adopted the model, according to Vinicius Lummertz, secretary of Tourism of the state.

In recent races, the city did not pay directly to Formula 1 or the directors. The capital of São Paulo was exempt from the 2014 contract of Bernie Ecclestone’s management. In 2016, he sold FOM (Formula One Management), his commercial arm, to the American group Liberty Media. The previous agreement ended at the end of 2020, and a new bond was announced by Governor João Doria, now providing for payment of the fee demanded by Liberty.

After the negotiations, the holding of the GP in São Paulo this year represents a victory for Doria, who had to face an arm wrestling match with Bolsonaro over the event, because the president dreamed of taking F1 to Rio.

with Mariana Grazini e Andressa Motter