India ready to pay $30m grand prix deposit

Wed, 5 September 2007, 10:34

The prospective promoter for a grand prix in India is expected to shortly lay down a deposit to reserve a place on the formula one calendar of the near future.

Indian Olympic Association chairman Suresh Kalmadi reportedly told The Economic Times that, following the visit to Delhi this week of F1 circuit architect Hermann Tilke, his organisation will have “no hassles” paying the necessary $30m deposit to Bernie Ecclestone.

“If we do something there, it would be for a minimum of seven years,” F1’s chief executive this week told the Indian television network CNBC-TV18.

76-year-old Ecclestone recently issued the race’s potential promoter with a September 30 deadline, which presumably includes the payment of the $30m deposit.

An inaugural event is anticipated for 2009-2010.

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