Greece to go ahead with F1 circuit

By on Wednesday, May 11, 2011

May 11 (GMM) Greece has approved plans for a formula one circuit to be built near Patras, 200 kilometres west of Athens.

The Ekathimerini publication said the facility will cost almost EUR 100 million, and the development ministry confirmed in a statement that it "will be able to host formula one cars".

The project must still be approved by parliament but could be ready to host races within 36 months, and according to Bloomberg will create almost 500 jobs.

The project will be managed by private investment company Racetrack Patras SA, with the state providing a nearly EUR 29 million subsidy.

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