F1's Brazilian Grand Prix moving to Rio in 2020, says President

F1's Brazilian Grand Prix moving to Rio in 2020, says President

Instead, the Brazilian GP will be held at a new venue near Rio de Janeiro, set to be built this year.

He said a new track, to be located in the Deodoro region on the west part of the city, can be built in six to seven months after construction begins.

The Autodromo Carlos Pace in Sao Paulo has been the sport's permanent home for the Brazilian Grand Prix since 1990 and has held races as far back as 1972.

Bolsonaro said keeping F1 in Sao Paulo, which has a contract that includes next year's race, was "no longer viable".

Bolsonaro also claimed that the new circuit would be privately financed and be named after Ayrton Senna, the three-time Formula One world champion.

The race is now held in Sao Paulo, but Bolsonaro says it has become unviable to put on there, mentioning "huge debts". The hotel sector will be happy - the state economy as well since it will be 6,000 or 7,000 jobs generated.

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Newly elected president, Jair Bolsonaro wishes to see Formula One continue coming to Brazil.

Deodoro was used as a venue for some events at the 2016 Olympics, including equestrian, field hockey and modern pentathlon. In a statement, they said: 'There is a current contract for the realisation of the F1 Brazil Grand Prix in Sao Paulo until 2020.

The Autódromo Internacional Nelson Piquet racecourse held Brazil's F1 race in Rio on 10 occasions, most recently in 1989, before it was demolished to make way for facilities developed for the 2016 summer Olympic and Paralympic Games.

However, Interlagos pays one of the lowest fees to host a race and Formula One owners Liberty Media appear eager to strike a better financial deal.

Now, president Bolsonaro has announced that Rio will indeed host Formula 1 in 2020.

"It's good for both Rio de Janeiro and Brazil", he concluded.

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