Jessica R. Ampater

EUROPEAN GRAND PRIX

What is European Grand Prix?

The European Grand Prix (sometimes referred to as the Grand Prix of Europe) was a Formula One event that was reintroduced during the mid-1980s and has been held regularly from 1999 until 2012.

The European Grand Prix has had a long and complex journey. It was originally created as an honorific title by the AIACR, the FIA's predecessor in the organization of motor racing events. The first race to receive the title was the Italian Grand Prix, in 1923, it fell away during the war and was revived in 1947. In 1977 the British Grand Prix became the last race to receive the honorific title.

In 1983 - the Formula One schedule originally featured a race near Flushing Meadows Park in New York. When the race was cancelled three months before the event, track organizers at Brands Hatch moved quickly to replace it with a European Grand Prix. The success of the event led to it returning on the schedule .

In 1990 - a wealthy Japanese businessman built an extravagant race track called Nippon Autopolis with the idea of hosting a Formula One race

 In 1992 - plans were made to have an Asian Grand Prix added to the schedule. However, these plans failed to materialize and Bernie Ecclestone added a race at Donington Park, which brought back the European Grand Prix moniker.

Several countries hosted the European Grand Prix until in 2008 when it took place in Valencia, the following year they signed a 5 year deal which puts them on the calendar until at least 2014. 

What is Formula One?

Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single-seater auto racing sanctioned by the Fédération Internationale de l'Automobile (FIA).

Fédération Internationale de l'Automobile (FIA)

- is a non-profit association established as the Association Internationale des Automobile Clubs Reconnus (AIACR) on 20 June 1904 to represent the interests of motoring organisations and motor car users. To the general public, the FIA is mostly known as the governing body for many auto racing events.

-The FIA is generally known by its French name or initials, even in non French-speaking countries, but is occasionally rendered as International Automobile Federation.

The size of the total attendance at each event

The size of the non-local attendance at each event

How much money is spent by the non-local attendance in each local area.

THE SIZE OF THE TOTAL ATTENDANCE

AT EACH EVENT

THE SIZE OF THE NON-LOCAL ATTENDANCE AT

EACH EVENT

HOW MUCH MONEY IS SPENT BY THE NON-LOCAL ATTENDANCE

IN EACH LOCAL AREA?

In Conclusion:

In looking at the Grand Prix phenomena across the European Union, two important conclusions bearing on economic impact are obvious.

FIRST, the local economic impacts are very large and very positive, probably unrivaled by any other professional sport.

SECOND, the Grand Prix phenomena creates so much local wealth and in so many varied forms that virtually each of the eleven local host communities is a leading beneficiary of one or more revenue streams.

Based on this case:

Identify an event or festival in your region and investigate what information the organizers collect about the participants, visitors, income and size of the event.