“We held the annual meeting of the Formula Istanbul Investment Inc., or FİYAŞ,” Murat Yalçıntaş wrote on the microblogging site on Thursday. “It looks like the Formula One race will not be held in Istanbul next year."
The current contract at Istanbul Park runs until this year, and discussions are ongoing between organizers and Formula One commercial chiefs about an extension. However, Yalçıntaş said high fees wanted by the Formula One supremo were the reason behind the withdrawal.
“Every year the Ministry of Finance paid $13 million to Formula One Administration Limited,” he said. “Bernie Ecclestone, CEO of Formula One, asked for $24 million this year.”
“Because the figure was found very high, it looks like the payment will not be made,” said Yalçıntaş. That is why the race will not happen after the next race on May 8, 2011.
On Friday, however, the daily Milliyet quoted Yalçıntaş as saying organizers would discuss the issue with Ecclestone during next month's Istanbul Grand Prix.
"If Ecclestone displays a rigid attitude, there will be no agreement," he said. "In the end, it is the public's money."
"Nothing is certain yet. Besides, if there is no agreement for next year, this does not mean there will no longer be a Formula One in Istanbul. There could be agreements in the future."
The Istanbul Park Circuit, usually dubbed as one of the most exciting tracks on the calendar with its sharp turns, has been hosting the Formula One since 2005.
There has been no official statement from organizers saying the race will be dropped, but the financial situation of hosting the race for Turkey has never been seen as a profitable event. Especially with the Formula One weekends having troubles luring crowds.
United States Grand Prix is returning to the Formula One schedule next year, hinting it may be added at the expense of the Turkish GP. The track, being built near Austin, Texas, will host the Grand Prix next year, meaning the United States will return to the championship after leaving in 2007.
Speculations about the Istanbul Grand Prix coming to an end have been circulating since 2006, when Turkey faced a $5 million penalty, for allowing Turkish Cypriot leader Mehmet Ali Talat to present the winning trophy.
Ecclestone also holds the management rights of the Turkish Grand Prix. He has taken control of the management rights for the Istanbul Park circuit, which he calls the “best race track in the world.”
In 2007, Ecclestone insisted he would not make any money and called it his “worst deal” ever. But said, “Formula One needs to be in this part of the world, I am very proud of what has been built here in Turkey.” The race will be run in Istanbul at least “until 2021.”
He said he “believed” in Istanbul and a race in Turkey “would bring advantages in the long term.” |
