Formula 1 racetrack in Crete

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The first meeting for the creation of the first Formula 1 racetrack in Greece was held at Heraklion Prefecture. Businessmen and representatives of various public bodies gave their views on the company being established, “AUTOKINITODROMIO KRITIS S.A.”, which will be responsible for building and managing a Formula 1 racetrack and motor sports in general.

Everyone agreed that this is a high-risk venture requiring serious study and planning. It mainly needs government support and the approval of the International Motor Sports Federation, something considered very difficult to aquire.

The Nomarch of Heraklion gave a detailed presentation of all the information to date, the efforts of the Prefectural Authority of Heraklion, and the advantages of the Heraklion area compared to other parts of Greece:

“‘Well begun is half done’, said the Ancient Greeks. We have begun well today, here at the Prefecture, for an investment which will be the biggest in Crete. Of course there are competitors for the realization of this grand idea, such as Patras and Orchomenos, but the comparative advantages of Crete are far more: it has an ideal climate, 300 days of sunshine a year, University Hospitals, hotel infrastructure (over 100,000 beds), the famous Cretan hospitality, it lies at a strategic point between three continents, has three airports (Heraklion, Chania, Sitia and the planned new airport at Kastelli Pediados), two harbours and marinas”, said Mr Sarris.

If the project goes ahead, the Formula 1 racetrack will be constructed in Gouves, in an area of 3 million square metres, with seating for 70,000 people. The cost is estimated at 372 million euros. Estimated profits are 100 million euros a year, from television rights, income, ticket sales, grants, advertising, rentals, test driving of new models, etc.

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