Seven-year Turkish GP F1 deal
The Turkish Chamber of Commerce and TOMSFED, the ASN in Istanbul, signed a seven-year contract on Friday in London with FOM to hold an F1 Turkish GP from 2005 through 2011. The deal, reported to be worth US$13.5m annually, was finalised at the end of a week in which government health officials in Ankara had asserted that tobacco sponsorships would not be permitted at the event [Aug 29]
Mehmet Yildirim, the president of the nation's Chamber of Commerce, which is sponsoring the project, said that ground would be broken this month on the projected $60m venue on the eastern outskirts of Istanbul.
It is understood that, under the terms of the contract, the government would have to pay a $25m penalty to FOM if the track is not completed on schedule. TOMSFED (Türkiye Otomobil ve Motorsporlari Federasyonu) president Mumtaz Tahincioglu said that the track would be completed by March 31, 2005, despite delays that have been caused by an environmental impact study.
Tahincioglu added that the event is expected to attract up to $70m in tourism revenue each year.
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