“In the first year, we anticipate MotoGP Bharat to have an average economic impact of Rs 962 crore, on Greater Noida and Delhi-NCR,” said Srivastava.
He added that the event will create thousands of temporary jobs in addition to bringing in a large influx of domestic and foreign tourists.
Fairstreet Sports has bagged the India rights from Dorna Sports, S.L. which is the commercial rights’ holder for the motorcycling sport of Grand Prix racing.
The investment includes the commercial rights fee payable to Dorna as well as infrastructure and logistics.
“We will be investing over Rs 250 crore, including one-time investments such as the development of tracks and stands, maintaining seats, and organizing music and food festivals,” he stated. “We are very close to our projections that we will break even on our investments.”The company has also raised an undisclosed amount of funding from an Indian investor. However, Srivastava didn’t share any details, citing the confidentiality clause.”We have made some basic investments, but we have raised funds from an Indian investor. We can’t reveal the name due to confidentiality,” he stated.
The inaugural MotoGP Bharat will be held from September 22–24 at the Buddh International Circuit, Greater Noida.
This is the venue’s first major motorsport event since hosting an F1 race 10 years ago. The Buddh International Circuit was built by the Jaypee Group at a cost of $400 million.
Fairstreet has secured a media rights partnership with Viacom 18 for MotoGP events. It is looking to rope in nine sponsors for the event, including one title sponsor, two co-sponsors, and six associate sponsors.
The organisers have also sold 30% of the event tickets two months before the event. Over 100,000 tickets have gone on sale with prices ranging from Rs 800 to Rs 40,000. The cost for the VIP section, which is by invitation only, is Rs 1.5 lakh to Rs 2 lakh.
The organisers have also planned music and food festivals, which come embedded with the MotoGP race tickets.
“We are planning to build it as a family destination,” Srivastava stated.
Fairstreet is working with globally reputed agencies like RE Rogers for logistical support and Spanish company Racing Loop for designing the track.
“Both the central and state governments have promised support for the smooth conduct of the event,” Srivastava said.
He revealed that all the equipment will come via sea freight or air freight. “Prior to the race, air freight will arrive six days in advance and sea freight two weeks prior. Racing bikes will come in 50 truckloads from the airport.”
Srivastava said that the government will create a dedicated green corridor to ensure quick movement of equipment. Around 4,000 to 5,000 people will be managing the event during the race weekend across all categories.
He also said that the taxation issue that had forced F1 to exit India has been resolved as the government has recognised motorsport as a sport.
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