London looks set to host a Formula One race with funding secured to build a circuit in the Royal Docks area of east London.
The Daily Mail report that US investment firm 777 Partners are in talks to develop a new entertainment complex in Newham that will include an F1 track.
“We are hopeful that it is coming. We are hugely excited about it,” Josh Wander, founder of 777 Partners, said, according to the Mail.
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“There will be an electric atmosphere as the greatest athletes in the world, along with an international fanbase and the world’s largest companies as sponsors, descend on the Docks for race weekend.
“More importantly, we will build a world-class sports and entertainment complex that can serve the community year-round and revitalise the surrounding areas.
It is the type of thing you really can’t quantify until it actually happens, but the impact is dramatic.
Silverstone has a contract to host a Formula One race in the UK until 2024, and the Mail adds that the development in Royal Docks, Newham will not replace the existing arrangement but complement it.
The event, it is expected, will be carbon neutral, and only accessible via public transport.
London Assembly member for City and East, Unmesh Desai, said:
“It is about opening up east London.
There is so much potential and that is why Formula One want to be involved. They believe in us and we believe in them. It is a two-way partnership.
“When Formula One and other major events come to east London, it will show that we are now firmly on the map. I am more than hopeful. It will happen.”
777 Partners have an existing interest in the area, owning London Lions basketball team, who operate out of the Copper Box Arena at the Olympic Park in Stratford.
“We believe the project itself is going to completely reinvigorate and transform the community,” Wander told the Mail.
“It brings the short-term excitement of a world-class race limited to the world’s premier cities — but at the same time we have the opportunity to create a sustainable long-term impact for the community and the surrounding areas.”
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