(GMM) The organization of the former French GP has come under renewed scrutiny after a regional audit found what it described as “flawed” management of the event.
A report by France’s Regional Chamber of Accounts examined the public interest group that organized the Formula 1 race at Paul Ricard from 2018 until its removal from the calendar after 2022.
Max Verstappen of Red Bull Racing and The Netherlands during the F1 French GP at Circuit Paul Ricard on July 24, 2022 in Le Castellet, France. (Photo by Peter Fox/Getty Images for Red Bull)
The report concluded that 103 million euros in public money was spent staging four grands prix, while questioning whether the economic benefits had been overstated.
“Everyone knew that it would be loss-making and would require public money,” Xavier Lefort, president of the chamber, said.
However, he added that “the economic benefits have been significantly overestimated”, with the report estimating them at 75 million euros compared with projections of 120m.
The auditors also criticized what they described as “irregular procedures” in the awarding of several contracts, generous executive remuneration, and governance failures.
The report comes as a judicial investigation opened in 2023 into alleged favoritism and misuse of public funds linked to the organization of the French GP remains ongoing.