The president of a Madrid event venue has suggested that a Madrid Grand Prix race deal is highly likely to happen in the near future.

José Vicente de los Mozos, president of the executive committee of Ifema Madrid, has said he knows ‘when we’re going to sign’ in regard to a future race deal with the Spanish Automobile Federation.

While there is a race in Barcelona with a contract until 2026, the Spanish F1 audience has grown exponentially in recent years and an appetite for a second race could be great.

De los Mozos was positive about the possibility of the Madrid race. In comments first reported by Europa Press, he said: “I know when we’re going to sign it and when we’re going to do it.

“We have followed the process indicated to us. The Spanish Automobile Federation has been informed from the first moment, we have signed exclusivity, and now we are advancing with the contract.”

An F1 spokesman told GPFans that while talks are taking place over a Madrid Grand Prix they are only on a proposal basis, likewise with Barcelona who host the existing Spanish Grand Prix.

They also added that there is no update on a decision or timing for the proposed race.

Domenicali coy over Madrid race

From the Formula 1 side of negotiations, there is no official progress or update to report on the bid as of yet and F1 CEO Stefano Domenicali has downplayed the idea of a Madrid race.

Speaking on the Beyond the Grid podcast recently, he said: “It is true that Madrid wants to host a race in the future.

“And no decision has been taken so far. That’s another great sign of the state of the health of F1.

“And this is the right competition that will not involve at all any political discussion, only commercial and technical and sporting discussion we’ll be taking the next couple of months.”

He added: “We see that the TV rating figure is growing incredibly well in Spain. So the market is very, very strong now. And so that’s great that we have these kinds of hopes for the future.”