Turkey made a return to sports in 2020 and 2021 after an absence of nearly ten years. However, as of 2022, Turkey fell behind due to the significant financial resources required to secure the contract, which its competitors, including Qatar, were able to provide.
Since then, Turkey has been making efforts to bring back Formula 1 and the World Rally Championship. In March, President Tayyip Erdogan met with Mohammed Ben Sulayem of the FIA, the governing body’s chief, to discuss the return of these events.
According to reports from broadcaster Haberturk and the Turkish channel of Motorsport.com, Can Bilim Egitim Kurumlari A.S., which is partially owned by Lale Cander, president of the Turkish branch of Pirelli, won the bid to operate the circuit for the next 30 years. The contract was awarded for approximately $117.8 million.
Can Bilim Egitim Kurumlari was the only participant in the bidding process, as previous operators, Intercity, did not submit a bid, and other potential bidders withdrew their interest.
Reuters attempted to contact Can Bilim Egitim Kurumlari and Intercity for comment but was unsuccessful.
Last month, Tourism Minister Mehmet Nuri Ersoy stated that the company that could bring Formula 1 back to Turkey by 2026 would be awarded the bid.
Istanbul Park, the circuit in question, was highly favored by the drivers and saw an increase in attendance during its races in 2020 and 2021 compared to its previous edition from 2005 to 2011.
According to the conditions of the tender, the new operators have one month to reach an agreement to bring Formula 1 back to Turkey. Additionally, for each year after 2026 in which the circuit does not host a Grand Prix, the operators will be required to pay 25% of the F1 hosting contract fee to the administration.
Furthermore, the new operators will have the opportunity to build shopping malls and entertainment venues on the property, as stipulated in the tender.
Haberturk reported that a delegation from Liberty Media, the owner of Formula 1, will visit Istanbul after the end of the current holy Muslim month of Ramadan to inspect the circuit.
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