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Formula 1 Unveils First New Race Under Liberty Media In Hanoi

Formula 1 unveiled its first new grand prix under owner Liberty Media, as the U.S. group "looks to untapped markets to increase revenues," according to Murad Ahmed of the FINANCIAL TIMES. F1 on Wednesday confirmed it will "stage a Grand Prix on the streets of Hanoi, the capital of Vietnam," from April '20. It is "the first new race agreed by Liberty Media." Liberty Media "has said that launching races in alternative locations," particularly in the U.S. and Asia, "will help it boost revenues." The Hanoi race "could raise concerns that F1 has again chosen to enter a country with a poor human rights record," having previously faced "fierce criticism" for holding grands prix in Azerbaijan and Bahrain. F1 CEO Chase Carey said, "When you [only] have 21 races, every race is significant. We want to go places that we think are going to capture the world’s imagination. Vietnam is a place, today, that certainly has become a much more popular destination ... there is a lot more interest, curiosity and engagement with it." According to sources, F1 signed a five-year deal with Hanoi events promoter Vingroup. Though financial details were not provided, "fees related to the Vietnamese Grand Prix are expected to be worth well in excess" of $100M (FT, 11/7). In London, Giles Richards reported Vingroup is one of the largest private businesses in Vietnam, "based primarily on property but with a huge range of interests including retail shopping, healthcare, and amusement parks." It is the owner of car manufacturer Vinfast, which unveiled its first production models at the Paris Motor Show this year (GUARDIAN, 11/7). The BBC reported the official F1 website "provided a computer-generated image" of the proposed 5.565km track layout in Hanoi. The proposed Hanoi track, which features 22 turns, will become F1's fourth street race, along with Monaco, Singapore and Azerbaijan. The circuit layout, created in collaboration with F1 designer Hermann Tilke, also features long straights, one of which is 1.5km in length and "should see cars reach speeds of around 335km/h (208mph)." The climb out of Monaco's first corner at Sainte-Dévote "is one of the inspirations for the Hanoi track layout." The design "also borrows liberally from other world-famous tracks." Carey said that work had been done to "enable a circuit that will not only test the drivers but also ensure that our fans enjoy the racing spectacle" (BBC, 11/7).

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