A government spokesperson in Madrid has sought to alleviate concerns over the future Formula 1 race in the city.
Madrid, through its events branch Ifema, has signed a long-term agreement with F1 to host a new street race from 2026, even taking over the official Spanish GP title from its current host, Barcelona.
However, Engracia Hidalgo, the city's head of economy and finance, this week acknowledged that race organisers have not yet secured any private investors for the event.
Despite this, official Madrid government spokesman Miguel Angel Garcia has assured that Ifema is still "complying with its work program" as it prepares for the race in 2026.
He also reaffirmed that taxpayer money "will not provide funds" for the Formula 1 event.
"Ifema Madrid, as the promoter, is fulfilling its work program and taking the necessary steps so that our region can host an event like this," he continued.
"Ifema is working with the calendar that had been set. We remain calm that the Formula 1 event is well underway."
Echoing this positive outlook, urban planning delegate Borja Carabante also offered reassurance. "No pessimism at all," he stressed.
"I think it is extraordinary news that such an important event as Formula 1 is coming, which represents a lot of money in investment and direct jobs, and above all positions Madrid as a capital that is experiencing its best moment."
