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Greece Unblocks Subsidy for Formula 1 Track Construction

Greece unblocked a subsidy of 28.9 million euros ($37.2 million) for the construction of an international-standard racetrack that can be used for staging Formula One car racing, the Ministry of Development said.

The track, which will be designed to host other events as well, including world championship motorbike racing and go-kart racing, will be built in Xalandritsa near the western port city of Patras at a total cost of 94.6 million euros, the Athens-based ministry said in an e-mailed statement late yesterday. Racetrack Patras SA, a private investment company, will oversee the project.