Azerbaijan has signed a contract for holding the Formula-1 European Grand Prix for 10 years, Azad Rahimov, Azerbaijani minister of youth and sports, told reporters Feb. 8.

The minister added that if Azerbaijan within five years takes a decision not to hold this competition, the country will be fined.

Rahimov added that at its own wish Azerbaijan can either continue or suspend holding the competition for the next five years of the ten-year contract.

"But this competition must be held for the first five years,” he said. “The budget for the Formula 1 European Grand Prix is still $12 million. It consists of fees and organizational costs. The full information will be disclosed later."

Azerbaijan will for the first time host the Formula 1 European Grand Prix. The competition will start on June 19 at 18:00 (UTC/GMT +4 hours).