The race has been held on Baku’s street circuit since 2016, a year after the city hosted the first European Games, although it was absent in 2020 due to the COVID-19 pandemic.
The existing contract was due to expire after this year’s event, before the recently signed agreement between F1 and the local organizers.
“Baku City Circuit has become an extremely popular venue for Formula 1,” said Formula 1 chairman and chief executive Stefano Domenicali.
“It’s an incredible circuit, which always offers huge drama and has hosted some of the most exciting races in recent times.
“We are delighted to expand our relationship with Azerbaijan and look forward to continuing our growth together.”
Traditionally, the Azerbaijan Grand Prix has been held in late April or early June, but it is unclear where it will fit into future calendars.
The circuit, designed by Hermann Tilke, has just over six kilometers, 20 turns and the longest straight line in Formula 1.
The inaugural event, then known as the European Grand Prix, was won by the German Nico Rosberg, ahead of the Australian Daniel Ricciardo, the British Lewis Hamilton, the Finnish Valtteri Bottas, the Mexican Sergio Pérez and the Dutch Max Verstappen.
On Saturday, the Baku City Circuit staged the first of six sprint events this season and Pérez won before becoming the first double winner of the Grand Prix.
“We are pleased to confirm the continuation of our partnership with Formula 1”, said the Minister of Sports of Azerbaijan, Farid Gayibov.
“Ever since we hosted this event for the first time in 2016, the economic, social and cultural impact of this sport on our city and country has been remarkable.
“The Azerbaijan Formula 1 Grand Prix is a source of great pride for the entire country and will now continue to inspire and excite our fans for another three years.
“The last six races have been some of the best and most spectacular in the long history of this sport and we look forward to creating even more magical moments for F1 fans at home and abroad over the next three years.
“Furthermore, today’s agreement comes during a weekend where we will host a record number of fans from over 100 countries, which only makes this moment even more special.”
Gayibov is not wrong when he mentions the economic impact that Formula 1 has had on Baku and Azerbaijan.
A study by the Big Four accounting firm PricewaterhouseCoopers (PwC) found that, in the first four years of the event, the capital registered a financial boost of 506.3 million dollars (459.2 million euros).
The figure represents a combination of the direct and indirect results of operating expenses from race weekends in sectors such as accommodation, catering and transport.
The event also created over 7,500 jobs in the medium term to help make it happen.
A central point of the Baku city circuit’s employment policy has been to offer young Azerbaijanis the chance to work at a major international event, thus providing them with valuable professional experience.
The infrastructure requirements for the Grand Prix helped boost the national construction industry and resulted in an economic impact of 181.4 million dollars (164.5 million euros) in this sector.
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