Plans are at an advanced stage for an East End Formula 1 track at the Royal Docks.
According to the Daily Mail , the US investment firm 777 Partners is working to give the UK a different venue.
The race, at a sports and entertainment venue in Newham, is not scheduled to threaten the Silverstone British Grand Prix.
Sadiq Khan is said to support the F1 plans.
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Negotiations are underway to introduce a London Grand Prix in the race calendar.
“We are hoping it will come. We are hugely excited about it,” Josh Wander, founder of 777 Partners, told the Daily Mail.
“There will be an electric atmosphere as the biggest athletes in the world, along with an international fan base and the world’s biggest companies as sponsors, head down to the harbor for the race weekend.”
The Docklands circuit is not intended to replace Silverstone and will instead host another annual UK race.
There were delays due to Covid last year, but now Sadiq Khan is said to be eager to get the plans underway.
He apparently wants to address environmental issues by making the London event CO2-neutral. It would also be the first F1 race that could only be accessed by public transport.
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Unmesh Desai, a London Assembly member for City and East, told The Daily Mail: “When Formula 1 and other major events come to East London, it will show that we are now solid on the map. I am more than hopeful. It will happen.”
Wander told SportsMail: “[The project] brings the short-term excitement of a world-class race limited to the world’s leading cities – but at the same time we have the opportunity to create a sustainable long-term impact on society and the surrounding areas. “
A spokesman for the mayor of London said: “Talks about hosting a Formula 1 race in London are at an early stage. London is the largest sports city in the world and the mayor would be keen for a race to take place in the capital. Any future discussions will consider the overall impact a potential race would have on London. “
Although the plans have not yet been signed, following his re-election as mayor this year, Khan said: “We are talking to Formula 1 and they are really receptive. It would be great to have a grand prix in the capital. I am eager to bring it as soon as possible.”
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