AUGUST 10, 2001
Turkey aims for F1 income
TURKISH AUTOMOBILE FEDERATION chief Mumtaz Tahincioglu has announced his intention to bring a Grand Prix to Istanbul, declaring: "Formula One would bring economic advantages to Turkey. My aim is to take on this project and overcome all obstacles."
Tahincioglu made his announcement on the web site of the Turkish government's sports department, saying: "We will realize this project in Istanbul."
The Turkish government has a working budget of around $60 million to see the development through in a public-private partnership with corporate investors. It was claimed that of this money $10 million was for a guarantee from the FIA that the plan could be realized.
"FIA looks on this project very warmly," said Tahincioglu. "But somehow Turkey has not taken this project to heart. My aim is to take on this project and overcome all obstacles."
Unlike some countries in the region such as Lebanon, Turkey comes under similar tobacco advertising restrictions to those in place in Europe, but Tahincioglu does not believe that this would harm the bid, which faces stiff competition from Lebanon, Bahrain, Cairo and Dubai.
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