Ecclestone Confident Bahrain GP Will Go Ahead

Formula One supremo Bernie Ecclestone said today he is confident Bahrain's first Grand Prix will go ahead as planned in 2004, despite the project running into financial problems.

The race, scheduled for next year, has been thrown into doubt after a committee of Bahrain MPs turned down a request to fund $200 million (USD) of the $500 million project.

The committee's chairman was reported as saying that F1 would "fly in the face of Islamic values" and bring prostitutes to the kingdom, but the decision is not final and will now go before the Bahrain government's Shura council.

Ecclestone, who owns Formula One's commercial rights and who put together the race deal with Bahrain's government, confidently believes the event will go ahead as planned.

"As we have not been informed to the contrary, we are sure that the Bahrain government will honour the contract," said Ecclestone.

Work to build the track, on desert land on the outskirts of capital Manama, is "30 per cent ahead of schedule", according to a spokesperson for the event.

"We are very confident that there will be a positive outcome and work on the project continues," added the event spokesperson.

Since work started on the project last November, half a million tonnes of rock have been excavated and the circuit's foundations are currently being laid. Work has also begun on state-of-the-art, high rise VIP towers.