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Greece to build F1 circuit

2011-05-11 11:06

GREECE GRAND PRIX: F1 could be heading to Greece for a Grand Prix event in the near future

Greece has approved plans for a Formula 1 circuit to be built near Patras, 200km west of Athens.

The Ekathimerini publication said the facility will cost almost €100m, and the development ministry confirmed in a statement that it "will be able to host formula one cars".

The project must still be approved by parliament but could be ready to host races within 36 months, and according to Bloomberg will create almost 500 jobs.

The project will be managed by private investment company Racetrack Patras SA, with the state providing a nearly €29m subsidy.

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