The Cabinet took note on Tuesday, December 21st Ministry of Education and Science information report on SON World Rally Championship (WRC) in Latvia in 2024 and supported the organization of this international sports competition.
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The government has decided to authorize the Minister of Education and Science to sign a letter of guarantee to the international organizer of the FIA World Rally Championship (WRC) (WRC Promoter GmbH). It is also stated that the government will support the organization of the FIA World Rally Championship (WRC) stage in accordance with the funding provided for this purpose in the State Budget Law of 2023 and 2024, and the remaining commitments as necessary to ensure the organization of the FIA World Rally Championship (WRC) stage. covered from the funds of the Latvian Automobile Federation and SIA “RA Events”.
It is planned that the required funding in 2023 will not exceed 650,000 euros, using it for the FIA European Rally Championship license fee for 2023 and for the organization of the FIA WRC Latvia stage. The funding planned for 2024 is up to 1.8 million. euros, which are also intended for the FIA WRC Latvian stage promoter license fee and FIA license fee, as well as organization costs. IZM in cooperation with the Latvian Automobile Federation and its partner SIA “RA Events” will have to develop the most efficient offer to provide the necessary funding and submit it to the Cabinet of Ministers.
SIA “RA Events” has indicated that if the FIA WRC stage takes place in Latvia, a full financial statement will be made after the event and the net profit from this event, if any, will be reimbursed to the state budget in order to: compensate the state’s financial contribution to the co-financing of the competition.
The issue of organizing the FIA World Rally Championship (WRC) stage in Latvia in 2024 has been evaluated and supported by the Latvian National Sports Council.
The FIA has also expressed support for the organization of the WRC stage in Latvia Latvian Investment and Development Agency, which has acknowledged the economically positive impact of the event on the Kurzeme region and forecasts that the revenue from foreign guests for the 2024 FIA WRC stage in Latvia could be at least 16.8 million euros.
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