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FORMULA ONE

Danish businessman looks for backing for Copenhagen F1 project

Lars Seier Christensen, the Danish millionaire behind a project to bring a Formula One race to the streets of Copenhagen, says that 300 million kroner (40.3 million euros) is the minimum investment required.

Danish businessman looks for backing for Copenhagen F1 project
Formula One boss Chase Carey (L), pictured here with businesses minister Brian Mikkelsen, visited Copenhagen on 10th January 2018 to discuss a potential grand prix in the Danish capital. Photo: Liselo

Christensen and former MP Helge Sander, the joint leaders of the bid, remain enthusiastic about its chances of success.

But former director of Saxo Bank Christensen, whose fortune was reported last year to total 2.8 billion kroner (376 million euros), said that costs could reach as far as 500 million kroner (67.1 million euros).

Efforts to bring in investors and sponsors must, though, do more than raise the amount to get the deal with Formula One off the ground, since costs are repeated year-on-year.

“Formula One needs license payments every year. That goes without saying. But there are also many other costs, like logistics, which become smaller in subsequent years, when costs have been covered in the first year,” Christensen said.

“That will not make it free, but I imagine that the level of costs will fall moderately after the first and second years,” he said.

Newspaper Ekstra Bladet has reported an expected 20 percent decrease in the cost of arranging the event after the first year.

But overall running costs are expected to remain above 100 million kroner even after the initial expenses of establishing the event.

A potential deal with Formula One could have an initial duration of three years from 2020, Christensen said.

As such, the millionaire said he hoped to attract sponsors and investors to commit themselves to the project for an extended period.

“If we commit to a three-year deal with Formula One, we will owe money for three years. So the commitments we are working on must be a little long-term,” he said.

Money raised from spectator ticket sales would offset costs considerably, he added.

Formula One chief executive Chase Carey said that the sport’s organisers also hoped for a long-term agreement.

“Our goal is to have long-term collaborations that benefit both parties,” Carey said.

No deadline currently exists for an agreement to be reached over the potential Copenhagen Grand Prix, according to Carey.

READ ALSO: Danish Grand Prix? Here's Copenhagen's proposed Formula 1 city race track

SPORT

IN PHOTOS: Ferrari unveils its new car for the 2020 season

Ferrari unveiled its new SF1000 car on Tuesday at a ceremony in Italy's motor racing heartland of Emilia-Romagna, ahead of the coming Formula One season.

IN PHOTOS: Ferrari unveils its new car for the 2020 season
The new Ferrari SF1000. All photos: AFP/Ferrari press office

Ferrari unveiled its new SF1000 car for the 2020 Formula One season, which they hope will deliver a first world drivers title since 2007, during a glitzy ceremony on Tuesday.

The single-seater's name acknowledges the fact that the Italian team will start its 1,000th world championship race during the coming campaign, which begins with the Australian Grand Prix in Melbourne on March 15.

Narrower than last season's SF90, with a deeper red colouring the body, Ferrari is pinning its hopes on the SF1000 car earning them drivers and constructors titles that have eluded them for 12 and 11 years respectively.

“I like it very much,” said German driver Sebastian Vettel.”It's much narrower at the back than last year and it is also redder, it's even better. I'm impatient to drive it, that will be even more fascinating than looking at it.”

The Scuderia broke with tradition and presented its new racing car outside of its stronghold of Maranello, unveiling it instead amid of sea of red on stage at the Teatro Romolo-Valli in the nearby city of Reggio Emilia.

“This is a very important place for our country,” chairman of the Ferrari group John Elkann explained.
“It was in this city that the tricolour flag, which became that of Italy, was created. And Ferrari is proud of Italy and of representing Italy.”

“This is a very special year,” continued Ferrari Team Manager Mattia Binotto.

“It's 70 years of Formula One, we have been there from the start and we are going to reach the figure of 1,000 Grands Prix, which is something incredible.”

Barring a forced change in the calendar because of the deadly coronavirus in Asia, the milestone should be reached in June during the Canadian Grand Prix in Montreal.

“Maybe it looks a lot like the SF90, but I can assure you it is very different,” continued Binotto.

“We still have to make progress, especially on reliability,” he added, recalling that Ferrari, like the other teams, had to face “the double challenge” of preparing the next season in parallel with the following one, when new rules will come into force.

Binotto stressed that this season veteran Vettel and 22-year-old Charles Leclerc, who impressed on his debut last season, would be starting on an equal footing.

“We have seen that they can both fight for the best results. They are both on the same level. It is up to them to race,” he added.

Last season, the association between the experienced Vettel and Leclerc often turned into a duel, coming to a head when the two drivers collided during the Brazilian GP.

But 22-year-old Leclerc, who won two races and finished fourth place in the world championship, said lessons had been learned.

“We have learned the lesson from Brazil. We are free to race, but we are teammates,” he said.

“A lot of people are working behind us, as a team, and things like Brazil should not happen.”

Both drivers said they were impatient to try out the new car, which will be on track next week for the pre-season testing in Barcelona.

“I felt emotional when I saw it,” said Monaco's Leclerc.

“Now I can't wait to be out on track and try it and to show all the work that has been done on this car. It's going to be a great challenge,” he added. “I'm ready to learn from my mistakes to become an even better driver.”

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