JULY 9, 2002
Shanghai announces F1 bid
It has been announced by the Shanghai International Circuit Co. that construction will begin this month on a race track, and they are hoping to host a Grand Prix in the future.
According to Reuters, an official from the company said, "We have reached an agreement with the Formula One Administration to stage the race in the city from 2004 to 2010."
The facility is planned to be built to Formula 1 standards and will include a theme park.
It should be noted that other circuits in the past have announced similar agreements with FOA, but for the race to actually go forward will depend on the circuit first being built to correct standards, all the facilities being approved and a slot in the calendar being found to hold the race.