15:27 - 4.02.2019

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February 4, Fineko/abc.az. The Accounts Chamber of Azerbaijan has held a regular meeting of the Collegiate Organ.

The Chamber reports that the results of the audit on the use of finances for Formula 1 in Azerbaijan have been discussed.

Also, the ACA Collegiate Organ covered the results of the audit on income and expenditure of sports complexes under authority of the Ministry of Youth & Sports, the formation of the national debt and its management.

The Collegiate Organ made a decision to submit the audit results to Milli Majlis.

Last week, a meeting of the F1 race Promoters Association was held in London, bringing together the organizers of 16 of the 21 races of the championship (FOPA does not include the promoters of the Grand Prix of Russia, Monaco, Bahrain, Abu Dhabi and Japan).

The race organizers stated they’d like to revise the terms of promotional contracts, according to which they pay annually for the right to organize stages.

The exact cost of promotional contracts has not been disclosed. And there is no single tariff scale: the price varies greatly from stage to stage. For example, for the right to host the Italian Grand Prix, its promoters will pay $24 million in 2019, but the race in Azerbaijan will cost already about $60 million. At the same time, each next stage, according to the rules introduced under Bernie Ecclestone (until 2017, he ran F1), is 5-10% more expensive than the previous one.