Madrid insists work to host F1 GP progressing "as planned"

Madrid's mayor has insisted that the work to host a Formula 1 race in the Spanish capital is progressing "as planned" ahead of its debut in 2026.

The city announced it had secured a 10-year contract with Formula 1 to host the Spanish Grand Prix on a purpose-built hybrid circuit.

The track will feature street and non-street sections around the IFEMA convention centre and will have a length of 5.47km.

The aim of the City Council and the organisers of the race is to begin work on the facilities and the circuit in April.

Five offers have been submitted, two from two construction companies and three from business conglomerates, to lead the construction of the required facilities.

The deadline for the execution of the works to have everything ready for the grand prix is 14 months, so even starting in May would still give the city some margin, since the race is expected to be held in September next year.

Speaking on Monday to Europa Press, Martinez-Almeida urged to stay "calm" and insisted the race "will be held and will be a success."

Race start - George Russell, Mercedes F1 W15, takes the lead over Max Verstappen, Red Bull Racing RB20

Photo by: Sam Bloxham / Motorsport Images

Martinez-Almeida said all the parties involved are working "very intensely to be able to make it a reality" and that everything was moving forward "as planned".

Although it has not yet been announced who will finance the project, Martinez-Almeida said the funding will come from private companies and will not use public money.

The mayor was also critical of his political rivals claiming he will use public money for the F1 race, saying "the Spanish Government has provided 70 million euros for the America's Cup to be held in Barcelona or that the Catalan institutions spend 50 million euros for Formula 1 in Barcelona".

Barcelona has hosted the Spanish GP since 1991, although F1 CEO Stefano Domenicali said last year that Madrid's deal did not mean the Catalan circuit had no future on the F1 calendar.

"For the avoidance of doubt and to clarify here, the fact we are in Madrid is not excluding the fact we could stay in Barcelona for the future," Domenicali said.

"Looking ahead, there are discussions in place to see if we can really extend our collaboration with Barcelona, with whom we have a very good relationship, for the future."