The Spanish capital of Madrid will see the return of Formula 1 in 2026 following the confirmation on Tuesday of a 10-year agreement.

Racers compete during the 2023 Formula One Spanish Grand Prix at the Catalunya Circuit in Montmelo, Spain, June 4, 2023. (Photo by Pablo Morano/Xinhua)

Formula 1 confirmed the news on its official website, explaining the circuit built around the city's exhibition center would be 5.47 kilometers long, feature 20 corners and have capacity for 110,000 fans, which will be extended to 140,000 "over the first half of the agreement, making Madrid one of the largest venues on the F1 calendar."

Formula 1 also said that the racetrack, which will contain "both street and non-street sections" is just "five minutes" from Madrid's Barajas-Adolfo Suarez Airport, making it "one of the most accessible races on the F1 calendar, with the circuit just a short commute away by Metro, train, and city lines."

The news was welcomed by Madrid mayor Isabel Diaz Ayuso, who said "it is a great satisfaction to announce that Formula 1 will come to the Comunidad de Madrid."

"This event, which could be followed by over 70 million people, will mean an increase of over 4,500 million euros in Madrid's GDP and create over 8,200 jobs," commented Ayuso.