ECONOMY

Construction of F1 circuit at Patra to start by year-end

Works to lay the ground for the construction of a racing circuit to Formula 1 standards will begin by the end of the year near Patra in the northern Peloponnese, the president of Racetrack Patras SA, Evangelos Floratos, told Kathimerini.

The emergence of an investor from the Middle East, who is familiar with the industry, has raised the speed of the project, while the company is in the final stages of negotiations with other investors from abroad too, to cover the funding the course needs to start operating, amounting to some 65 million euros.

While the track is not seen entering the F1 calendar, it will offer very competitive rates for manufacturers to conduct tests.