The Spanish Formula 1 Grand Prix is in line to move from Barcelona to Madrid.
According to OKDiario and later confirmed by both Relevo and El Mundo, Madrid has signed an agreement to hold the race in the Spanish capital from 2026.
The Sporting News brings you all the information about the future of the F1 Spanish Grand Prix.
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Madrid F1 Grand Prix: Agreement reportedly made
According to several Spanish media outlets, it is expected that the agreement between the Community of Madrid and Formula One Management (FOM) to hold an F1 Grand Prix in the city of Madrid will be announced imminently.
According to reports from El Mundo, the project will be financed entirely by the private sector and will be held at Ifema, Madrid's trade fair centre.
It is estimated that the event will generate €500 million in revenue per Grand Prix.
The contract between Madrid and FOM will last for 10 seasons, with the first race to take place in 2026.
However, according to information published by Marca, there seems to be an open conflict with the Circuit de Barcelona-Catalunya, as they have a contract until 2026 and would need to be compensated for leaving the calendar.
What will the Madrid F1 Grand Prix circuit look like?
The Madrid F1 Grand Prix circuit will be built at Ifema, in the north of Madrid.
The track will comprise permanent parts and other temporary components.
It will be about five kilometres long according to El Mundo, and will surround several of the pavilions of the fairgrounds, with the main straight set to be located right next to Ifema's main building.
Per Relevo, the circuit will feature a banked curve from which the Madrid skyline can be seen in the background.
Madrid F1 Grand Prix: Negotiation history
In 2022, the Community of Madrid indicated its desire to host a Grand Prix in an open letter to F1 CEO Stefano Domenicali.
Regional minister Enrique López expressed the government's desire to "make it possible" for a race to be held in the city.
"As you know, the region of Madrid is experiencing outstanding economic and social development in the Spanish and European context," the letter stated.
The city's "efficient" transport infrastructure network, "pleasant" climate and "first-class" culture were also highlighted.
In June last year, Madrid mayor José Luis Martínez-Almeida said there had been a series of "contacts" on a "very preliminary" basis to organise a Grand Prix at Ifema, but the exhibition centre denied this at the time.
Madrid's history in Formula 1
While Barcelona is the current face of Spain in F1, Madrid also has its own history in the sport.
The Circuito de Madrid Jarama was part of the international calendar for nine seasons, last used in 1981.
From its debut in 1968 until 1978, every race was won by a world champion driver — Graham Hill, Jackie Stewart, Emerson Fittipaldi, Niki Lauda, James Hunt and Mario Andretti (2) all were victorious.