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Formula 1 set for £50m-a-year Saudi Arabia deal -report

Saudi Arabia is poised to be one of the next destinations on the calendar with Formula 1 reportedly close to agreeing a deal worth £50million a year. According to the Daily Mail, amongst other newspaper reports, Saudi Arabia could join the schedule as early as 2021 with a street race in Jeddah acting as a stop-gap until a purpose-built circuit is ready for the following year. The report also states that Formula 1 has ‘struck a global sponsorship deal' with Saudi Arabian oil giant Aramco, the world's richest company valued at $2 trillion, meaning the race would likely be known as the ‘Aramco Saudi Arabian Grand Prix'. The race is set to be held in the early stages of the...
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