Brazil president says Formula 1 will move to new Rio track in 2020

Newly-elected Brazilian President Jair Bolsonaro has declared that the Brazilian Grand Prix will move to Rio de Janeiro in 2020.

According to Bolsonaro, the race will move to a newly constructed and privately-funded circuit in Rio, which will be named after the country's most successful driver, the late Ayrton Senna.

Speaking to local media, the President revealed that the new circuit will be built in the Deodoro district and it hoped to complete construction by the end of the year, with the aim to move the race from Sao Paulo to Rio in 2020.

However constructing a new circuit from scratch within a year seems almost impossible, whilst Sao Paulo holds a deal to host the 2020 race, therefore 2021 seems a more likely date for the move.

Bolsonaro said rising debts and public financial support for the Sao Paulo race meant it could no longer continue, but the new race would be 100 per cent privately funded and would create "six or seven thousand jobs" and provide a boost to Rio's economy.

"After our victory in the elections, Formula 1, which would leave Brazil, [we have] decided not only to remain, but also to build a new race track in RJ, which will have the name of the idol Ayrton Senna. With this, thousands of jobs will be created, benefiting the economy and the population of the state," Bolsonaro wrote on Twitter.

It's believed the country is also targeting a MotoGP race at the new circuit, which will be designed by F1 regular Hermann Tilke.