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Swilling champagne and mixing with celebrities at Formula One races is cheaper in Milan than New Delhi [Jaypee International Circuit, Greater Noida], according to the 2011 price list of a licensed hospitality agent for the motor racing series.
A weekend VIP pass for the inaugural Indian Grand Prix costs $4,200 (Rs. 1,87,000 approx.), 1.4 percent more than for a race in Monza, near Italy’s fashion capital, in prices listed by London-based F1 Corporate Ltd.
Defending world champion Sebastian Vettel won the first of as many as 19 races this season in Melbourne yesterday.
Formula One is also tapping emerging markets by bumping up the price of hospitality for next month’s race in Shanghai by 16 percent compared with increases of less than 7 percent for events in Barcelona and Silverstone, England.
“Asia and the emerging markets are the big growth areas for Formula One,” Zak Brown, chief executive officer of Zionsville, Indiana-based Just Marketing International, an auto- racing marketing agency, said in an e-mail. “The pricing is a reflection of supply and demand.”
Formula One chief executive officer Bernie Ecclestone has moved races outside the series’ European heartland since 2004 to help increase sales. With Brazil, China and India on this year’s schedule, Russia is slated to become the final so-called BRIC race host in 2014.
In 2009, the series generated $1.1 billion in income for its owner, buyout firm CVC Capital Partners Ltd. Officials at Geneva-based Allsport Management SA, which oversees corporate hospitality, didn’t immediately return a telephone call or e- mail seeking comment
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