£100m plan to stage Formula 1 races in Olympic Park after 2012

Matthew Beard, Sports News Correspondent
14.07.09

A prominent property developer is in talks with 2012 chiefs about a £100million plan to stage an annual motor Grand Prix in the Olympic Park after the Games.

Anthony Spencer, a consultant behind Arsenal football club's move to the Emirates stadium, is proposing to stage a race week in the park.

Mr Spencer has met the Olympic Delivery Authority, to propose an the race on a figure-of-eight course using roads built for the Games. Industry sources believe an F1 race in the Olympic Park would require public investment of up to £100million to adapt roads and other infrastructure. The proposal has not been endorsed by motor racing's world governing body, FIA.

The prospect of London F1 race was raised in 2004 by former mayor Ken Livingstone who proposed a circuit in and around Hyde Park and held talks with motor racing supremo Bernie Ecclestone. But the nearest it has come was a demonstration race in the same year between Regent's Street and Piccadilly Circus which attracted 500,000 spectators.

Further meetings are scheduled with Mr Spencer and Olympics chiefs, however there is a widespread feeling at London 2012 that motor racing would not fit the legacy concept.

Talks have taken place as Olympic chiefs step up their efforts to secure a legacy for the park in Stratford. A source said: "There have been meetings with Mr Spencer but this proposal has stalled at the start."

Mr Spencer was unavailable for comment.

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