The Istanbul Formula One Grand Prix, famed for its challenging curves and relished by F1 fans around the world, is in serious danger of being left off the racing schedule after 2011 amid worries over contracts and competition from other race tracks around the world.
The race takes place at Istanbul Park, which was constructed by the Formula One Investment Co. (FIYAS). FIYAS belongs to the Istanbul Chamber of Commerce (ITO); however, due to the difficulties of managing the racing track, ITO rented it to Bernie Ecclestone, the head of Formula One Administration Ltd. (FOA).
According to the contract, either party has the right to give advance notice of their wish to cancel agreement, allowing the contract to be nullified three years after notice is received—in 2011. Speaking to a TV station on Jan. 15, ITO President Murat Yalçintas confirmed that they had received notice, but he added that he believed this was a precautionary move by Ecclestone due to the instability brought about by the global financial crisis.
The general director of Istanbul Park, Can Güçlü, on the other hand, was not as optimistic as the ITO head. “We are afraid that 2011 may be the last year of the staging of F1 in Istanbul,” Güçlü said.
He also emphasized that approval for India to host F1 races has been given, and will begin in 2011—when the contract for F1 in Turkey will finish.
He further highlighted that 18 grand prix are organized every year due to financial reasons and this number cannot be increased. He said the decisions about which country will be added or dropped from the calendar are taken three to five years before the races.
If the contract is not renewed and the races will not take place in Turkey after 2011, Istanbul Park will be returned to FIYAS. “FIYAS will manage the course after 2011,” Güçlü added.
Istanbul Park, which has a 5.34-kilometer-long circuit, is the third-longest racecourse in the world. Currently rented to Ecclestone, he pays $3 million to run the track and has control over all events held there; however, Ecclestone has stated that his contract with Istanbul Park is the worst deal that he has ever been in, but that he is in the contract because he believes in Istanbul and that it will bring advantages in the long term.
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