Such a fantastic sport F1 is. With cars equipped with super powerful engines rushing on the track, don’t they give adrenaline rush? Yes, they surely do. But what about F1 racing in India? India has not been very fortunate in this particular sport.
About a decade ago, Jaypee Group (founded by Jaiprakash Gaur) planned to expand their business by building an F1 Circuit i.e. Budhh international Circuit in Noida.
Budhh Circuitplanning was not proving fruitful! The circuit was not able to recover the cost. Mismanagement worsened the situation.
IGP (Indian Grand Prix)took place only 3 times in India i.e. 2011, 2012 and 2013! At that time their loss amounted to 160 crore rupees (without tax).
Tax payment became a big problem along with bureaucratic hurdles. Along with these obligations, Jaypee Group had to pay Licensing fee to FOM (Formula One Management), which conducts F1 races.
There is a constant downfall in the same because of a lot of factors.
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1. Inadequate preparation and cost approximation. The owners did not do adequate homework with regard to regulations, finance, public acceptance etc. Even the Automobile Association of India was not involved. Local auto companies, the whole gamut of their suppliers, design & customisation etc could have been have done.
2. Framing the company and articles of association to favour owners, officials etc.
There are 2 main reasons why it failed:
1. Inadequate preparation and cost approximation. The owners did not do adequate homework with regard to regulations, finance, public acceptance etc. Even the Automobile Association of India was not involved. Local auto companies, the whole gamut of their suppliers, design & customisation etc could have been have done.
2. Framing the company and articles of association to favour owners, officials etc.