The French Grand Prix scheduled for the summer of 2018 at the Paul Ricard circuit was officially confirmed yesterday by organisers at press conference.
Christian Estrosi, the President of the PACA region which has jurisdiction over the race, said that all financial guarantees and covenants had been fulfilled.
A former motorcycle racer who turned to politics, Estrosi actually enjoyed a few laps of Paul Ricard in one of the Winfield driving school's Formula 1 cars. Formula E charger Nicolas Prost was on hand to offer some advice.
"The Provence-Alpes-Côte d’Azur region will be the reference shareholder of GIP," said Estrosi.
"Communities will finance the Grand Prix budget to an amount of € 14 million for a franchise cost which compares to the average European race fee.
"On the commercial front, we have already held discussions with potential partners from the industrial and services sector."
Circuit Paul Ricard manager believes the race will be scheduled in late August and is hoping attendance figures will reach 65,000, with teh event's cheapest tickets selling at around €50 or €60.