Pirelli Turkey wins tender to revive Istanbul F1 race

Thu, 4 April 2024, 09:00

Apr.4 (GMM) Plans to revive the defunct Turkish GP at Istanbul have hit the accelerator.

A month ago, Tass news agency reported that FIA president Mohammed Ben Sulayem was in the country amid plans by local authorities to “hold a tender for the reconstruction and management of the Istanbul Park circuit”.

The local Hurriyet newspaper said one condition for the winning bidder “will include the mandatory annual organisation of the Formula 1 GP starting in 2026”.

“(Another) condition was put forward that the company that wins the tender will have to enter into an agreement with Formula 1 within one month.”

Haberturk, another major Turkish newspaper, says the tender process is now complete – with Pirelli’s Turkish subsidiary, Pirelli Otomobil Lastikleri AS emerging as the new circuit operator and future F1 promoter.

The report, mentioning a figure of $118 million for a 30-year rental period, says officials representing Liberty Media are slated to be in Istanbul shortly to “make statements”.

“Formula 1 is an extremely prestigious organisation,” said Pirelli Turkey chairperson Lale Cander. “It brings tremendous amounts of money to the country where it is held and increases the prestige of that country.

“The last time F1 was in Miami, $450 million was brought to the city in four days. There will be countries that will be removed from the race calendar in 2026, so races can be held again in Turkey,” she added.

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