Turkey Grand Prix in danger for its survival
Whenever Formula One is in the news, everyone knows that people are talking cash, business and mighty strong deals.
Formula One’s commercial rights holder, Bernie Eccelstone has made it to the headlines this time round. Eccelstone, in the year 2004, had won all operating rights for Istanbul Park for a time span of seven years. As a result, he was assured to hold Formula One races in Turkey during this entire period. But things have taken a turn for the worst. A dispute has erupted between Eccelstone and Formula One management. The commercial direction wishes to double the annual rent for the race track or he has clearly mentioned that the race would come to a grinding halt in Istanbul.
Currently, Istanbul is paying a rent of $13.5 million as per the contract on an annually basis that holds up until 2011.
It has been learned that Eccelstone had a word with State Minister for Sports Faruk Nafiz Özak and Finance Minister Mehmet Şimşek during the Istanbul Grand Prix that was held last Saturday.
Eccelstone, as per the latest information is firm on his demand for an annual payment of $26 million. He called on the Turkish officials that he has left the choice for the Turks to make. The commercial rights holder also added that he has the option of India along with some Arab countries that are anxious to pay him better amounts of cash. He said that these countries would happily have Turkey off the calendar in order to get their hosting rights. In response to such statements, Özak said that they did not need to worry from his threats. He further added that it was Istanbul that he was talking about which is among the most beautiful places of the world and so is its racecourse.
Yunus Akgül, the Youth and Sports Director (GSGM), who was also seated in the meeting, commented that Eccelstone was resolute in his demand. He added that these talks have cleared the motives and positions from all the people involved and that finalising all matters will be done within the time span of two months. He added that Turkey is no doubt fond of hosting these races, and so is the enthusiasm of the people of Turkey. He concluded that the enthusiasm of the local people for this sport has been discovered. However, he said that $26 million is a big amount and that it would be a very big burden for this organization to pay off every year.
Yunus informed that they contacted the Formula One officials for a new deal with a different angle now. He said that they asked Eccelstone to hand over all the operating rights of the Istanbul Park. In return, they would guarantee that the track would be kept engaged for the organization for three weeks before, in addition to the days of the races. Yunus also clarified that in response to this; they had asked him to come up with a new deal. However, if Eccelstone stick to the high annual fee as he now seems to be very insistent about this, then Turkey would have to wind up from Formula One racing in the country.
GSGM has officially tried to seek permission from the owner of Istanbul Park, The Istanbul Chamber of Trade (İTO), to let them get hold of the operating rights of the course.
Normally, The Istanbul Park stays idle for almost the entire year, except for the few events which occur on a very small-scale. GSGM said that since the operating company demands a very high fee to use the course, they should be given control of the operation to make sure that events for the automobile and motorcycle federations can be conducted with ease. If this can be achieved, it will bring in several auto races including the MotoGP to Turkey within no time.
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