The Greek government’s development ministry has reportedly approved plans for a Formula 1 circuit to be built 200km west of Athens in the country’s third-largest city of Patras, according to the latest reports.

The announcement – and even the consideration – of this project is particularly interesting, given that the Greek economy is almost on the verge of collapse having not shown much recovery in the wake of the Global Financial Crisis.

The Ekathimerini newspaper is quoting a €100 million outlay for the facility, which still requires the final sign-off of the country’s parliament. It is believed that the project could take up to three years to complete.

The project will mostly be funded by the Racetrack Patras SA investment company set up with this venture as its sole purposes, although the proposal would see the government contribute roughly €29 million to the total bill.

[Original image via Basicila]

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Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.