Formula 1 returns to Brazil with name change and millionaire impact

RIO DE JANEIRO, BRAZIL – Formula 1’s returns to the country has aroused high expectations for the race (tickets are sold out for the event’s 3 days, from November 12 to 14) and it will come with a novelty: it will no longer be called Brazilian Grand Prix, but São Paulo Grand Prix.

Investments are still suspended due to the effects of the pandemic, but the event will generate an impressive flow of money to the city’s economy, the most populated in Brazil.

Alan Adler is the promoter of this Grand Prix in São Paulo and relied on a study presented by the Getúlio Vargas Foundation (with statistics of the race held in 2019) to demonstrate the significance of holding F1 in Brazil.

According to the report, the presence of Formula 1 in Brazil in 2019 generated over 8,500 direct jobs and, by 2021, the expectation is that this figure will reach 10,000 jobs.

Another point highlighted by this report is that for each Brazilian real invested in the Grand Prix, an impact of R$5.2 (US$0.95) was generated for the Brazilian economy.

NEW NAME

The Grand Prix’s name change has a clear goal: to provide the city with greater international visibility. Formula 1 signed a new contract with the São Paulo authorities until 2025, so the city government seized the opportunity to change the name.

“The name change will give the city of São Paulo a worldwide visibility equivalent to the investment of US$300 million a year in advertising,” Adler said.