F1 news: President Jair Bolsonaro announces Brazilian grand prix will move to Rio de Janeiro in 2020

The President has revealed the new track will be built in six to seven months once work begins

Brazil's president has revealed Rio de Janeiro will host the country's Formula 1 race in 2020, once the city's new autodrome is ready.

President Jair Bolsonaro insists the new race track will be built in six to seven months, once work begins, before the grand prix's return after 31 years away.

However, Rio Motorsports, the consortium behind the project, has told The Associated Press that work could drag on to as long as 16 to 17 months.

The race is currently held in Sao Paulo, but Bolsonaro the host is now unviable, reportedly due to "huge debts."

Rio last held the Brazilian Grand Prix in 1989, which was won by Nigel Mansell in the Ferrari.

Bolsonaro said: “The management of F1 has decided to maintain a grand prix in Brazil, but Sao Paulo has become impractical because of the event’s public financial support and the debt that exists over there.

“The new racetrack will be built in six or seven months. The hotel sector will be happy, the state economy as well since it will be six of seven thousands jobs generation. It is good for both Rio de Janeiro and Brazil.”

He added in a tweet: “After our victory in the elections, Formula 1, which would leave Brazil, decided not only to remain, but also to build a new race track in RJ [City of Rio de Janeiro], which will have the name of the idol Ayrton Senna.

Ayrton Senna of Brazil drives during the Brazilian Grand Prix in 1988 (Getty Images)

"With this, thousands of jobs will be created, benefiting the economy and the population of the state.”