Turkish F1 operator goes under hammer

Istanbul's Chambers of Commerce Chairman Murat Yalcintas did not put a price on the 96.99 percent stake in Motor Sporlari Organizasyon (MSO) to be sold but said the firm spent 250 million lira ($192 million) building the Istanbul Park track.

Istanbul's track was well received at its debut last August.

Yalcintas said four foreigners and three locals had expressed their interest, including the Association of Turkish Travel Agencies.

The other two Turkish firms were "mainstays of the Turkish economy", he told a news conference, without giving details.

MSO is currently 70 percent owned by FIYAS, which in turn is owned by the Istanbul Chambers of Commerce (ITO) and the Turkish Union of Chambers and Bourses (TOBB). The rest is held by the Turkish Formula One Association.

In the coming days FIYAS will increase its stake to 96.99 percent, leaving its partners with just 3.01 percent.

On February 27 the tender will open, then a shortlist will be made on March 17 and published on March 22 after Formula One supremo Bernie Ecclestone's approval. A deal is expected to be signed on April 14.

Yalcintas said FIYAS would continue to run the track if offers were not up to scratch.

"If the offers do not provide the operational vision that we desire or the sufficient financial conditions, FIYAS will continue to operate it," he said.