New operators of Istanbul Park have now been named, with their contracted aim to be to return the Turkish Grand Prix to Formula 1 as soon as 2026.
Bilim Eğitim Kurumları A.Ş., a subsidiary of Can Holding, are reported by the Haberturk to be the new contractors of the circuit, taking over from Intercity, after the ownership of the track went to a tendering process.
New Istanbul Park owners looking to bring F1 back to Turkey by 2026
The total cost of the lease to the circuit’s new owners was $117.8million (£93.6m) for the next 30 years, which includes a stipulated “guarantee” that Formula 1 will return to Istanbul Park by 2026, or 25% of the Formula 1 contract fee will need to be paid to Turkey’s motorsport federation, TOSFED, each year as compensation.
Formula 1 executives are expected to make an upcoming visit to the circuit now the deal is complete, with several circuits seeing their deals to host races expire at the end of 2025.
Lale Cander, chair of Pirelli Turkey, is a partner in the new Istanbul Park acquisition, and she pointed to the success of other new circuits on the calendar to see the economic impact that bringing the country back to the F1 schedule could bring.
“Istanbul Park circuit will be a centre of attraction,” Cander told Haberturk.
“Formula 1 is an extremely prestigious organisation. Whichever country it is organised in, it leaves an enormous amount of money to that country and increases the prestige of that country.
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“Imagine, the last time it was held in Miami, it brought 450 million dollars to the city in four days.
“In 2026, there will be countries that will leave the racing calendar, so races can be held again in Turkey.
“This cannot be done without TOSFED. We are working together with TOSFED on the sporting side of the business.
“We will bring races other than Formula 1 to Istanbul Park. The track was closed to national athletes for years, now athletes will be able to use the track. Istanbul Park will be a very good project for Turkey.”
Istanbul Park was a popular layout among the drivers when the race was hosted between 2005 and 2011, with the Hermann Tilke-designed track’s standout corner being the four-apexed left-hander of Turn 8.
The race returned to the calendar in the Covid-interrupted seasons of 2020 and 2021, with Lewis Hamilton clinching his record-equalling seventh World Championship in the former and Valtteri Bottas winning the most recent race at the track a year later.
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