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Invest UP To Spearhead MotoGP Event: Tender Opened For Promoting MotoGP Bharat
Invest UP has invited proposals through the Uttar Pradesh Government's E-tender website for selecting a promoter agency to conceptualise, organise, and promote the MotoGP event in India. The bid processing fee is INR 20,000 plus GST for Indian entities or USD 250 plus applicable taxes for foreign entities, payable via RTGS.
The Uttar Pradesh government will contribute over 50% of the required funds for MotoGP Bharat, scheduled to take place at the Buddh International Circuit near Greater Noida in March. The total cost of the event is estimated at Rs 150 crore. The state government will provide Rs 80 crore through Invest UP, while authorities from Noida, Greater Noida, and Yamuna Expressway will each contribute Rs 12.5 crore.
Funding and Management
The remaining funds are expected to come from sponsorships, targeting around 200 companies invested in the state. Any additional financial needs will be met through the state government's budget. To ensure transparent fund management, an escrow account will be established. This marks a significant increase from the Rs 18.5 crore contributed by Invest UP for the previous MotoGP event held last September.
The Yamuna Expressway Authority will manage the Buddh International Circuit for 35 days annually to ensure all necessary track and event preparations are completed at least 90 days before the event. This updated agreement with Dorna Sports allows Uttar Pradesh to host MotoGP Bharat for an initial three years, extendable up to five years.
Advertising and Promotion
Invest UP has secured advertising rights at other MotoGP venues worldwide. Plans include promoting Uttar Pradesh as a tourism destination during racing events in countries like the United States, Spain, Japan, the Netherlands, and Australia. Business conclaves will also be held alongside these international events to attract further investments into the state.
Fairstreet Sports, previously associated with Dorna Sports as their Indian partner, is not part of this new agreement due to controversies over unpaid service providers. However, Fairstreet remains eligible to participate in the upcoming bidding process to select a new organiser by September for next year's race.
Organisational Structure
Following the bidding process, the selected promoter will sign a tripartite agreement with Invest UP and Dorna Sports. While Invest UP focuses on organising the main racing event, the private promoter will oversee a business conclave aimed at encouraging investment in sectors like hospitality, tourism, and automotive industries.
A dedicated committee chaired by Chief Secretary Manoj Kumar Singh and including CEOs of local authorities and Invest UP will oversee the event's organisation. This committee may also involve sports and racing experts to ensure smooth execution.
"This agreement with Dorna reflects UP's unwavering commitment towards promoting sports and attracting investments. Hosting MotoGP Bharat symbolises our vision to establish the state as a preferred destination for international events and investments. This initiative is set to unlock significant economic benefits and elevate UP's status across the world," said Chief Secretary Manoj Kumar Singh during the signing ceremony on Thursday.
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