Latest news with #Vettel
India Today
6 days ago
- Automotive
- India Today
Taxed into the pit lane: Why India's Formula 1 dream ran out of track
More than a decade ago, India tasted the thrill of Formula 1 (F1) racing. For three unforgettable years, the Buddh International Circuit in Greater Noida came alive with the roar of engines, the blur of cars hurtling down the straights, and the electricity of 90,000 fans on their Vettel, Lewis Hamilton, and Michael Schumacher—some of the biggest names in motorsport—raced on Indian soil, waving to Indian crowds. It wasn't just a sporting event. It was a statement. A belief that India could take its place on the global F1 calendar and stay then, it was over. No farewell, no countdown, no final lap. Formula 1 vanished from the Indian grid, leaving behind silence and a track that never got to fulfil its promise. (Photo: AFP) Why did Formula 1 vanish from India? The answer lies not in track design or lack of fanfare, but in a tangled web of taxes, red tape, and regulatory confusion.F1 IS A COSTLY AFFAIROrganising a Formula 1 race isn't cheap. Building an F1-grade racing circuit can cost anywhere between $200 million to over $1 billion. But that's just the beginning. Each race weekend brings additional expenses like pit lane facilities, hospitality centres, media rooms, security, road upgrades and staging a single F1 weekend can cost approximately Rs 500 crore to Rs 1,250 crore. Such costs are often shared by race organisers, sponsors and national or state India's case, while the infrastructure was put in place and the race was held successfully for three years, government support was limited. (Photo: AFP) This, experts believe, became a major roadblock for the event's long-term AS 'ENTERTAINMENT'One of the biggest issues that led to the early exit of F1 from India was to tax expert Dr Suresh Surana, 'Formula 1 was classified as 'entertainment' and not 'sport' for tax purposes in India because Indian tax authorities and courts determined that the event did not fit within the specific statutory exemptions or favourable tax treatments available to 'sporting events'.'This meant the race organisers had to pay entertainment tax on ticket sales and business income tax, making it more expensive to host the event. In 2011, the Supreme Court ordered Jaypee Sports International, the company responsible for the circuit, to deposit the entertainment tax amount in a separate account before the race could take place. (Photo: AFP) 'The Supreme Court did not allow the exemption to be operative pending the dispute's final resolution, meaning the Grand Prix was treated as an entertainment event for taxation. This meant that earnings from the event did not qualify for sport-related tax exemptions or benefits,' said Dr entertainment tax law in Uttar Pradesh at the time did not list car racing as a sport eligible for any kind of exemption. Instead, it included traditional cultural or performing arts. This interpretation of F1 as a leisure event instead of a sport added to the financial strain on OF SUPPORTBecause F1 was not officially treated as a sport, it missed out on government support like infrastructure grants, subsidies, or administrative help that other international events such as the Commonwealth Games received.'The classification of the Formula One Grand Prix as an 'entertainment event' rather than a 'sporting event' meant that it was subjected to state-level entertainment taxes. This denied the organisers access to tax exemptions and concessions typically available to sports events of international repute,' said Dr Surana. (Photo: AFP) advertisementHe added that the high capital investment, lack of tax relief, and limited number of races made it hard for the Indian Grand Prix to remain viable over time. With no recognition, tax exemptions, or long-term policy support, the event could not IT BE DIFFERENT UNDER GST?With India now under a new Goods and Services Tax (GST) regime, there may be a better chance for F1 to make a comeback. The earlier system of state-level entertainment taxes has been removed, replaced by a single nationwide tax.'If Formula One were to be reintroduced in India, the current tax environment particularly after the implementation of GST may offer a more favourable framework,' Dr Surana said. 'The GST system provides a unified tax structure with moderate rates and the benefit of input tax credit, which may help reduce the overall tax burden.' (Photo: AFP) advertisementHe also mentioned that compliance under GST is simpler and more transparent, which could improve the financial and operational setup for hosting an international event like F1. However, Dr Surana cautioned that the exact impact of GST would still need deeper analysis based on how the event is tax problems were a big reason behind F1's exit, there were other challenges too. Lack of long-term vision, unclear policy support, and poor coordination between different departments and stakeholders made it difficult for India to remain on the F1 may have fixed the tax roadblock with GST, but only clear policy can steer Formula 1 back on track in India.- EndsMust Watch
Newsweek
19-07-2025
- Automotive
- Newsweek
Sebastian Vettel Provides Update On F1 Future Amid Red Bull Rumors
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Former Red Bull driver Sebastian Vettel spoke about his future in Formula 1 after months of rumors about a potential return. Vettel was rumored to take on a role within the energy-drink racing team as an advisor or potentially team principal following the dismissal of Christian Horner. Since retiring after the 2022 season, the German has been out of the spotlight, working behind the scenes to create progress in causes such as women in motorsport and environmental challenges. A couple of months ago, there were links between Vettel and a potential role at Red Bull as an advisor. Sebastian Vettel of Germany looks on before the Race of Champions - "Champion of Champions" at Accor Stadium on March 8, 2025 in Sydney, Australia. Sebastian Vettel of Germany looks on before the Race of Champions - "Champion of Champions" at Accor Stadium on March 8, 2025 in Sydney, Australia. Photo byHelmut Marko, the team's current senior advisor, brought Vettel into Red Bull, and there were reports that indicate the retired driver could step into that role. Vettel spoke with German news outlet Auto Motor und Sport and clarified what his future holds. "Formula 1 is finished," Vettel said during the interview. "At some point, the time will be ripe to leave the field to others. You can see that with the rookies. I think it's good that a whole bunch of them have now been replaced. "It's not a vote against the old guys, but in favour of the young ones. In the past, I wasn't interested in which of the established riders no longer raced. The main thing was that I was allowed to drive." Vettel didn't address a potential executive role, leaving the door open to a return as a decision maker. While he may not race an F1 car ever again, he did express interest in the World Endurance Championship. "I don't want to rule out that something will come of it," Vettel added. "There have been talks, but somehow it hasn't worked out yet. In the past, I honestly wasn't that interested in endurance racing from my perspective as a lone competitor. Today I see it differently. "I find it totally exciting, this team structure, sharing a car, making compromises. In motorsport, it's hard to say: I only drive half the races. "The WEC would actually be a good fit with its eight races, which are also staggered differently to Formula 1. It's always a question of how intensively you want to do something. For me, it's always been the case that I want to do it properly when I get involved in something. Just going along for the ride is not for me." With so much uncertainty around Red Bull, Vettel could end up with a significant role in the organization, but he seems focused on other projects for the time being. More F1 news: How Lewis Hamilton Made the F1 Movie Production More Expensive For more F1 news, head on over to Newsweek Sports.
Daily Mirror
17-07-2025
- Automotive
- Daily Mirror
Sebastian Vettel decides on coming out of retirement to race in F1 again
The four-time F1 world champion has been gone for three years but hasn't strayed too far from the sport and speculation has continued that he could make a return to action Sebastian Vettel has ruled out making an F1 comeback - insisting his time at the top of the sport is 'over'. The four time world champion retired at the end of the 2022 season, as he sought to spend more time with his family and pursue other passions away from motorsport. That led him back into education, working on environmental projects and promoting women's karting in Saudi Arabia - as well as punditry work on F1. In 2024 he was touted as a replacement for Lewis Hamilton at Mercedes and Sergio Perez at Red Bull, but the 38-year-old has always stuck by his decision that he won't return behind the wheel in F1. And that is something he continues to insist upon, telling Auto Motor und Sport: 'Formula One is over. At some point, the time is ripe to leave the field to others. You can see that especially with the rookies. 'I think it's good that a whole group of drivers has been replaced. This isn't a vote against the old drivers, but rather for the young drivers. I didn't care in the past which of the established drivers was no longer racing. The main thing is that I get to drive." Vettel is still eyeing an attempt at the Le Mans 24 hour race however, even putting together a full-time programme in the WEC. He completed test drives in Porsche's 963 Hypercar, but was not selected in the manufacturer's lineups for either 2024 or 2025. "I don't want to rule out the possibility that something might come of it," he said. "There have been discussions, but somehow it hasn't worked out yet." Discussing his change in attitude towards WEC racing, Vettel continued: 'To be honest, I wasn't that interested in endurance racing from my lone fighter perspective. I see it differently now. I find it incredibly exciting, this team structure, sharing a car, and making compromises." He added: "In motorsport, it's difficult to say: I'll only drive half the races. The WEC would actually be a good fit with its eight races, which are also structured differently than Formula One.'
Yahoo
04-07-2025
- Automotive
- Yahoo
Sebastian Vettel Confirms Red Bull Discussions for Return to F1
Porsche Four-time Formula 1 World Champion Sebastian Vettel has confirmed discussions with Red Bull Racing regarding a potential non-driving return to the F1 paddock. Vettel, who secured all his championships with Red Bull between 2010 and 2013, retired from driving at the close of the 2022 season. Advertisement The 37-year-old German driver has been identified as a potential successor to Dr. Helmut Marko, the 82-year-old head of Red Bull's influential young driver program. Vettel himself was the first truly successful graduate of this program. Also Read:: F1 Power Rankings 2025: Top 10 Entering Austrian Grand Prix at Spielberg In comments made to ORF podcast Sport am Sonntag, Sebastian Vettel stated that while the discussions are 'not yet so intense, and in-depth,' he believes it 'may be something where I can play a role, but in what form, it will show.' He explicitly clarified that any talks of a driving comeback are not on the table. Vettel was quick to talk about his respect for Marko, describing him as irreplaceable due to his distinct character and 'very large contribution to what the whole team has done over the years since 2005.' He also admitted not being closely connected to the happenings in F1 over the past few years but did say he believes he still has a lot to give back to the sport and to teach others. Marko acknowledged having an idea of Vettel as a successor, but emphasized that a final decision on his return has not been made and that it won't happen anytime soon. Advertisement While discussions are ongoing, the exact nature of a potential role for the former champion remains undetermined. Story developing… Related Headlines
Yahoo
27-06-2025
- Automotive
- Yahoo
Red Bull's Marko: Vettel's return 'not on the cards' for now
Sebastian Vettel's return to his former Red Bull Formula One team as an official is "not on the cards at the moment," team advisor Helmut Mark has said. "The succession plan is something that is of course on the table, but there are no concrete names and no concrete talks," Marko told Sky TV on Friday at the Austrian Grand Prix. Advertisement Earlier this week, Vettel revealed that he was in early talks with his former team and Marko about the idea of succeeding the 82-year-old Austrian when his contract with the team ends in 2026. "We're in contact about this, though maybe not so intensively or in-depth yet, but it's possible," Vettel told Austrian broadcasters ORF. "What form that might take will have to be seen. He's already said a few times that he'd stop, but he's still here, and I wish him all the best so that he stays around for a very long time." Marko has been involved with Red Bull since the team's beginnings in 2005. He has previously described Vettel as the "ideal candidate" to replace him. Advertisement Vettel won his four F1 titles with Red Bull between 2010 and 2013 before moving to Ferrari in 2015, where he stayed until 2020. The German driver retired in 2022 after two years with Aston Martin. Since then, the father of three has been particularly committed to diversity and sustainability projects.
