The Grand Prix has been held in Barcelona since 1991, and now Formula One is moving to Madrid.  However, what has been announced and is now a reality is that the new circuit will be 5.47 kilometres long and will be built around Madrid's IFEMA Convention Centre in the northern part of the Spanish capital. It will have 20 corners, according to a press release from the organisers, who officially confirmed the news and provided details in a presentation of the track.

The circuit will have a capacity of over 110,000 spectators per day, which could rise to 140,000 during the first half of the agreement, "making Madrid one of the largest venues on the F1 calendar," the statement added.

"Madrid is an incredible city with an amazing sporting and cultural heritage, and today's announcement marks a new and exciting chapter for F1 in Spain," said F1 president Stefano Domenicali, as quoted by AFP.

The track will be innovative and will be both fast and technical. The event is expected to create 8,200 jobs and boost Madrid's GDP by more than 450 million euros ($489 million).

It is therefore expected that Madrid's entry into the 'circus' will not only be a major piece of sporting news, but will also make a significant contribution to the economy of the city and surrounding areas.

"Madrid doesn't just want to host a Formula 1 Grand Prix, it wants to host the best Formula 1 Grand Prix in the world," said the Mayor of Madrid, José Luis Martínez-Almeida, at the official presentation of the event.

The authorities in the Spanish capital were delighted and optimistic at the news of the return of a world championship event to the city, 42 years after the Jarama circuit hosted a race in 1981. Barcelona has been the home of F1 in Spain for more than three decades, replacing Jerez, which hosted the Spanish Grand Prix from 1986 to 1990 before concentrating on the World Motorcycle Championship.

Formula 1 has already held two races in Spain, when the country hosted the European Grand Prix on a street circuit in Valencia from 2008 to 2012, and now the Catalan authorities will try to keep a Grand Prix at the Montmeló circuit. Will they succeed?