"We have started negotiations with F-1, yet it is too early to talk about the outcome," he said.
"I can say that both sides are interested, and if we find the common ground, the contract will likely to be extended," he said.
The 2022 Formula 1 Azerbaijan Grand Prix was held in Baku on June 10-12. Max Verstappen from Red Bull Racing team won the race. Red Bull's Sergio Perez came in second, followed by George Russell from Mercedes-AMG PETRONAS F1 Team.
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