The Formula E is a major draw in Hong Kong and China, but the electric car-racing circuit isn't welcome back on Zurich's lakeshore after a landmark race three months ago. The move is a blow for Swiss banks behind the event.
Zurich's city council said this week that it isn't inclined to grant a permit to the Formula E racing circuit for 2019, as reported by Swiss daily «Neue Zuercher Zeitung» (in German, behind paywall).
The city's June race was the first motor race held in Switzerland in 63 years, a bid boosted by the circuit's main sponsor, Zurich-based Julius Baer. While cities like Hong Kong and Sanya, China have vied fiercely to host the circuit's races, Zurich's welcome was ambivalent at best.
Rare Opportunity
City officials didn't care for unusually high crowds and congestion in residential neighborhoods near to Zurich's lakeshore. Roughly 100,000 onlookers gathered along a 2.46-kilometer race track to watch Lucas di Grassi win the city's inaugural Formula E race.
The pull-out is a blow for Swiss banks, which will miss out on a top-notch perk for potential clients. Sponsors like Julius Baer and Liechtenstein's LGT viewed the event as a huge success, mainly for the rare opportunity for publicity and to entertain prospective clients in VIP hospitality areas pit-side.
Sniffy Welcome
Zurich's sniffy response to Formula E doesn't boot the racing circuit, led by Spanish businessman Alejandro Agag, out of Switzerland altogether. The Formula E, which is positioning itself as the more environmentally-friendly alternative to Formula 1's gas-guzzling combustion engines, holds a license for racing in Switzerland, not for a specific city.
Thus, Agag is looking at alternatives, including Bern, the alpine nation's sleepy (and hilly as well as cobble-stoned) capital; Geneva, which rivals Zurich in finance; or Lugano, which pushed for the 2018 race, but lost out to Zurich.
Back in 2020?
The city, Switzerland's financial capital and home to UBS and Credit Suisse, said that it would consider hosting the event again in 2020, but wouldn't allow cars to race around the cramped lakeside. The reasons appear political in nature: residents complained of inconvenience and noise from setting up the event, and a public green space suffered, the newspaper reported.
