Ecclestone confirms 15-year Istanbul lease

The Istanbul Park Organizasyon (IPO), a subsidiary of Ecclestone's Formula One Administration Ltd company, has taken a 15-year lease on the home of the Turkish Grand Prix.

Ecclestone announced at last weekend's MotoGP event that he was taking over the running of the circuit, but exact details of his involvement were not forthcoming at the time.

He did say, however, that he was getting involved because it was important for Turkey to remain on the F1 calendar - especially as he viewed the track as the best in the world.

"This is the best circuit in the world," Ecclestone said. "It is good for us to be in this part of the world because sooner or later all of the problems we have at the moment are going to go away and Turkey is going to be a very, very important part of the world. That is why we want to be here."

Despite Ecclestone's deal ensuring the long-term future of the Formula One race, there remain doubts about whether Istanbul's MotoGP event will return to the calendar. Its deal to host the motorcycle race expired after last weekend's race.