A grand prix in austerity-hit Greece could be on the horizon, according to Formula One mogul Bernie Ecclestone, CNN reported. Ecclestone’s company Formula One Licensing has already trademarked the ‘Formula 1 Mediterranean Grand Prix’ on May 30. “The Greeks are keen,” Ecclestone said. “They want me to go and see the Prime Minister or the mayor,” he added, noting that “We will have to find out if they have got any money.” The sum required for hosting a grand prix would require a total investment of around $1 billion in order to build a track and cover the Formula One hosting fee, which typically runs for 10 years. According to the report, private investors have visited places in the municipality of Keratsini-Drapetsona that could host a track. One of the area’s biggest attractions is cheap land prices. As the report points out, Greece staged very successful Olympic Games but the legacy from the games was bitter, as many of the venues were abandoned and are now derelict and dilapidated. A Mediterranean Grand Prix in Greece was first rumored in 2006 by Autosport magazine when it was suggested that the race could be rotated between a number of circuits, starting with Valencia in 2008 and then Paul Ricard in France the year after.
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