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Tue 14 Jan 2020 03:25 PM

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Formula 1 said to chase $65m deal for first Saudi race

The inaugural race in the Gulf kingdom could be staged as early as next year, according to report

Formula 1 said to chase $65m deal for first Saudi race
Saudi Arabia has already hosted Formula E races.

Formula One is reportedly eyeing a £50 million ($65 million)-a-year deal to stage a grand prix in Saudi Arabia.

According to the UK's Daily Mail, the inaugural race in the Gulf kingdom could be staged as early as next year.

An option under consideration is a one-off street race in Jeddah in 2021 while a purpose-built circuit is completed for 2022, the newspaper reported.

It quoted a source close to the proposed Saudi deal as saying: "It's as good as done.", adding that Formula One and Saudi energy giant Aramco have already agreed a global sponsorship deal.

Formula One already holds two races in the Gulf region in Bahrain and Abu Dhabi.

If confirmed, the F1 race would be the latest high profile sporting event to take place in Saudi Arabia after the country staged the 'Clash on the Dunes' between Anthony Joshua and Andy Ruiz Jnr as well as Formula E motor racing, golf, tennis, cycling, football and horseracing.

The move is part of Vision 2030, the country's attempt to branch out from reliance on oil revenues.

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