The Istanbul Park circuit, former home of the Turkish Grand Prix, has new operators tasked with bringing Formula One back to Turkey by 2026, media reported on Tuesday.
Turkey returned to the sport in 2020 and 2021 after nearly a decade away, but it fell off from 2022 onwards partly due to the tens of millions of dollars needed to secure the contract that competitors, including in Qatar, were able to finance.
Turkey has since aimed to bring it back with President Tayyip Erdogan meeting the head of governing body FIA Mohammed Ben Sulayem in March to discuss the return of both F1 and the World Rally Championship.
Can Bilim Egitim Kurumlari AS, part owned by Lale Cander, chair of F1 tyre provider Pirelli's Turkish branch, won the tender to operate the circuit for the next 30 years for $117.8m (about R2,213,185,170), broadcaster Haberturk and Motorsport.com's Turkish channel reported on Tuesday.
It was the sole entrant as former operators Intercity did not bid and other expected bidders appeared to pull out, according to the reports.
Can Bilim Egitim Kurumlari and Intercity could not immediately be reached by Reuters for comment.
Tourism minister Mehmet Nuri Ersoy said last month the tender would be awarded to the bidder who would be able to bring the sport back to Turkey by 2026.
Istanbul Park had been popular among drivers and saw increased attendance in 2020 and 2021 compared to the 2005-2011 run.
The new operators are tasked with reaching an agreement within a month to bring F1 back to Turkey and for every year from 2026 the circuit does not host a Grand Prix, the operators will have to pay 25% of the F1-hosting contract fee to the administration, according to the tender conditions.
The new operators will be allowed to build shopping malls and entertainment venues on the property under the tender.
Haberturk reported a delegation from F1 owners Liberty Media would travel to Istanbul after the Muslim holy month of Ramadan to inspect the circuit.
Istanbul Park circuit gets new operators to bring back F1
Image: Serhat Cagdas/Anadolu Agency via Getty Images
The Istanbul Park circuit, former home of the Turkish Grand Prix, has new operators tasked with bringing Formula One back to Turkey by 2026, media reported on Tuesday.
Turkey returned to the sport in 2020 and 2021 after nearly a decade away, but it fell off from 2022 onwards partly due to the tens of millions of dollars needed to secure the contract that competitors, including in Qatar, were able to finance.
Turkey has since aimed to bring it back with President Tayyip Erdogan meeting the head of governing body FIA Mohammed Ben Sulayem in March to discuss the return of both F1 and the World Rally Championship.
Can Bilim Egitim Kurumlari AS, part owned by Lale Cander, chair of F1 tyre provider Pirelli's Turkish branch, won the tender to operate the circuit for the next 30 years for $117.8m (about R2,213,185,170), broadcaster Haberturk and Motorsport.com's Turkish channel reported on Tuesday.
It was the sole entrant as former operators Intercity did not bid and other expected bidders appeared to pull out, according to the reports.
Can Bilim Egitim Kurumlari and Intercity could not immediately be reached by Reuters for comment.
Tourism minister Mehmet Nuri Ersoy said last month the tender would be awarded to the bidder who would be able to bring the sport back to Turkey by 2026.
Istanbul Park had been popular among drivers and saw increased attendance in 2020 and 2021 compared to the 2005-2011 run.
The new operators are tasked with reaching an agreement within a month to bring F1 back to Turkey and for every year from 2026 the circuit does not host a Grand Prix, the operators will have to pay 25% of the F1-hosting contract fee to the administration, according to the tender conditions.
The new operators will be allowed to build shopping malls and entertainment venues on the property under the tender.
Haberturk reported a delegation from F1 owners Liberty Media would travel to Istanbul after the Muslim holy month of Ramadan to inspect the circuit.
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