London is closer than ever to staging a Formula One race after funding was secured to build a circuit in the city’s East End.
Sportsmail is informed that 777 Partners in America and a UK group are working together to create a new entertainment and sports complex at the Royal Docks, Newham.
F1 has been meeting with the consortium to discuss the possibility of adding the London Grand Prix and the British Grand Prix at Silverstone to their race calendar. Sadiq Khan is a London mayor who supports the idea and hopes to have F1 in the capital by 2024.
‘We are hopeful that it is coming. We are hugely excited about it,’ said Josh Wander, founder of 777 Partners, who also own Italian football club Genoa.
‘There will be an electric atmosphere as the greatest athletes in the world, along with an international fanbase and the world’s largest companies as sponsors, descend on the Docks for race weekend.
‘More importantly, we will build a world-class sports and entertainment complex that can serve the community year-round and revitalise the surrounding areas. It is the type of thing you really can’t quantify until it actually happens, but the impact is dramatic.’
Formula One may host two Grand Prix in Britain. In addition to Silverstone, advanced plans have been made to hold a race at London’s Royal Docks.
Sportsmail has learned that the circuit’s construction funding was approved.
London has long been mooted as a potential F1 venue, with previous proposals including a race taking in the city’s most famous landmarks, such as Buckingham Palace and Trafalgar Square.
But Sportsmail reported two years ago that the Royal Docks — home of events venue ExCeL London — had emerged as the most realistic site and we can now reveal that plans are at an advanced stage.
According to sources, the Docklands circuit intends to host an additional race in the UK than wrestle Silverstone’s British Grand Prix away.
Khan is hoping that Khan will make the project the central piece of his massive regeneration effort in east London.
To counter environmental concerns, Khan’s vision is that a London Grand Prix will be a carbon neutral event and the first F1 race to be accessed only by public transport.
British Grand Prix has become a highlight of Britain’s sporting calendar. Lewis Hamilton, seven-time champion of the world, helps to boost Formula One’s popularity.
This move doesn’t appear to be threatening the future British GP at Silverstone, which is bound by a contract that will last until 2024
Unmesh Desai, London Assembly member for City and East and a close ally of Khan, said: ‘It is about opening up east London.
‘There is so much potential and that is why Formula One want to be involved. We trust them and they have faith in us. It’s a partnership that both sides can benefit from.
‘When Formula One and other major events come to east London, it will show that we are now firmly on the map. I’m more than optimistic. It will happen.’
777 Partners has shown its commitment to East London with the purchase of the London Lions basketball club. The team plays at the Copper Box Arena at Olympic Park in Stratford.
Miami-based Wander referenced his latest venture when he addressed council and business leaders at an event at London’s City Hall on Monday night, telling them he wanted ‘sport and entertainment to act as an accelerant for the inevitable move east in London’.
Sadiq Khan, London’s mayor, is keen to establish a London GP prior to his term ends in 2024
Josh Wander (right), co-founder and CEO of 777 Partners is behind the London GP Project
‘We believe the project itself is going to completely reinvigorate and transform the community,’ Wander told Sportsmail. ‘It brings the short-term excitement of a world-class race limited to the world’s premier cities — but at the same time we have the opportunity to create a sustainable long-term impact for the community and the surrounding areas.’
Although a grand prix in the capital still needs to be signed off, F1’s owners Liberty Media have previously spoken of their ambition to bring more races to ‘destination cities’ such as London.
Mercedes boss Toto Wolff said this year that ‘racing in London would top everything’ and he hopes to ‘get that going’, and his Red Bull rival Christian Horner said it would be ‘fantastic’.
In an interview following his re-election as mayor in May, Khan said: ‘We’re speaking to Formula One and they’re really receptive. We would love to see a grand prix here in the capital. I’m keen to bring it as soon as possible.’