Motorcycling-MotoGP cancels Argentina round due to economic crisis

Credit: REUTERS/AGUSTIN MARCARIAN

Jan 31 (Reuters) - MotoGP's Argentina Grand Prix has been cancelled due to circumstances in the country, series organisers said on Wednesday.

The April 7 grand prix would have been the third round of the 22-race season.

"Due to the current circumstances in Argentina, the promoter of the event has communicated that it is currently unable to guarantee the services required for the Grand Prix to take place in 2024 at MotoGP standards," a statement said.

"This event will not be replaced on the 2024 calendar. MotoGP hopes to return to race at Termas de Rio Hondo in 2025."

Argentina is mired in a prolonged economic crisis with triple-digit inflation, negative reserves, a rapidly depreciating peso currency, and over 40% of the population living in poverty.

President Javier Milei, a libertarian economist who took office in December, has pledged "shock" therapy for the economy including deep spending cuts.

The grand prix has received government subsidies but reports have also indicated the risk of strikes and transport disruption were a factor in the decision.

The U.S. Grand Prix at Austin's Circuit of the Americas follows directly after on April 14 and MotoGP would have had tight deadlines for transferring teams and freight from Argentina to Texas.

(Reporting by Alan Baldwin in London, editing by Christian Radnedge)

((alan.baldwin@thomsonreuters.com; +442075427933;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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