Work Begins on Turkish F1 Track

The foundations were laid for Turkey's new Formula One circuit today with the sport's ringmaster Bernie Ecclestone and key government officials in attendance.

Turkey will stage its first Grand Prix in August 2005 and the initial work began on the track, being built in the Kurtkoy district of Istanbul, today. Turkish Prime Minister Recep Tayyip Erdogan, who pressed the button to lay cement at the track, hopes the event will bring much-craved revenues to the economy.

"We are expecting substantial revenues from Formula One for which we have allocated $27 million (dollars) from a state-run publicity fund," Erdogan said. "Even if two in a thousand of the 1.5 billion people watching the race on television choose to come to Turkey for a vacation, it would mean three million tourists."

Last month Turkey signed a seven-year contract to hold Formula One races starting from 2005 and under the contract have pledged to complete the racetrack by March 31, 2005. The racetrack, which is estimated to cost $60 million (USD), is to be 5.3 kilometres long, with 15 corners and its longest straight stretch will measure 928 metres.