MotoGP Bharat expected to generate economic impact of Rs 950 crore
Fairstreet Sports, the India commercial rights partner of Dorna Sports, intends to invest more than Rs 250 crore in the organisation of MotoGP Bharat, with expectations of a positive impact on the local economy of over Rs 950 crore, said Pushkar Nath Srivastava, Founder and COO, Fairstreet Sports. «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.
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«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.
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