The Spanish capital’s inclusion on a 10-year deal through to the end of 2035 means F1 will have seven street races on the calendar in two years, with Saudi Arabia, Monaco, Canada, Azerbaijan, Singapore, and Las Vegas all on the books.

For Madrid, the 5.47km circuit is part hybrid, featuring street and non-street sections to be built around the IFEMA fairgrounds and exhibition centre.

Subject to FIA homologation and final design specification, the track will feature 20 corners, with a projected qualifying lap of one minute 32 seconds.

The venue is projected to host more than 110,000 fans per day across grandstand, general admission, and VIP hospitality, with plans already in the pipeline to increase that to 140,000 per day over the first half of the agreement. It would make Madrid one of the largest venues on the F1 calendar.

At this stage, the future surrounding the current Spanish Grand Prix at Barcelona’s Circuit de Catalunya remains unclear.

The venue has been a permanent fixture on the calendar since replacing Jerez in 1991, and has a deal with F1 through to the end of 2026.

Doubts, however, exist around the final year of the contract, with F1 CEO Stefano Domenicali in ongoing dialogue with the circuit’s officials as to the way forward.

Speedcafe understands there could still be two Spanish races on the calendar in 2026, although F1 is waiting on firm proposals from the Barcelona promoters.

With Las Vegas joining the F1 circus last year, Madrid’s arrival will ensure it will soon become another go-to destination for the sport.

Madrid last ‘hosted’ a race in 1981 at Jarama, a circuit located 20 miles north of the city, where the late Gilles Villeneuve won his final race with Ferrari before his untimely death 11 months later.

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Hailing Madrid as “an incredible city with amazing sporting and cultural heritage”, Domenicali added that the announcement “begins an exciting new chapter for F1 in Spain”.

He said: “I would like to thank the team at IFEMA MADRID, the regional government of Madrid, and the city’s mayor for putting together a fantastic proposal.

“It truly epitomises Formula 1’s vision to create a multi-day spectacle of sport and entertainment that delivers maximum value for fans and embraces innovation and sustainability.”

FIA president Mohammed Ben Sulayem declared the sight of F1 cars racing around the Spanish capital to be “an enticing prospect.”

He added: “As we build towards the introduction of the FIA 2026 Formula 1 regulations, which have been framed with net zero carbon by 2030 in mind, it is pleasing to see that the local organisers have placed a sharp focus on environmental sustainability in their plans for the event.

“As is customary, the proposed circuit will be subject to FIA homologation and safety checks and calendar approval by the World Motor Sport Council.”

For IFEMA Madrid executive committee president José Vicente de los Mozos, hosting an F1 grand prix is ‘a dream come true’.”

“We are thrilled to announce the return of F1 to Madrid after more than four decades,” he enthused.

“We have the ambition to organise a grand prix that will become a reference in the F1 worldwide calendar, specifically conceptualised and designed to offer a distinctive and unique experience for both fans and teams participating in the competition.

“With this, Madrid wants to deep dive into the development of a new concept that combines sport and entertainment, while delivering a memorable event.”

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Madrid mayor José Luis Martínez-Almeida believes his city “moves into the future and joins the exclusive group of cities hosting F1 today, placing us at the forefront of the world’s capitals in attracting major events.”

He added: “We know that F1 is more than a race, it is an unprecedented opportunity to drive the transformation that Madrid is undergoing, and to show the world what we are capable of.

“I am confident that Madrid will be up to the task, not only because we deserve a spectacle of the magnitude of F1, but also because F1 deserves a city with the energy, character, and passion of Madrid.”

With fan activations planned downtown, and an estimated 90 percent of fans travelling to the circuit by public transport, it is estimated the event will generate €450 million (AUS $744m) to the city’s economy per year.