According to broadcaster Haberturk, Can Bilim Egitim Kurumlari A.S., partly owned by Lale Cander, the chairwoman of Pirelli’s Turkish division, has secured the rights to operate Istanbul Park circuit for the next 30 years in a deal valued at $118 million.
Originally hosting Formula 1 in 2005, the track fell out of the schedule after the 2011 event due to a failure to reach a new agreement. Organizers cited disagreements over the hosting fee, while Bernie Ecclestone pointed to insufficient event promotion as contributing factors to its discontinuation.
Efforts to relocate the race to Tuzla in 2013 were unsuccessful after government funding fell through. Despite sporadic returns in 2020 and 2021, the circuit has struggled to maintain consistent attendance figures, leading to its exclusion from recent calendars.
President Tayyip Erdogan has expressed a keen interest in reinstating Formula 1 and the World Rally Championship. Last month, he met with FIA president Mohammed ben Sulayem to explore possibilities.
In March, Tourism Minister Mehmet Nuri Ersoy stated that the operator chosen through the tender process would expect to secure a Formula 1 return by 2026. Failure to do so would result in financial penalties, with 25% of the hosting contract fee payable to the administration for each year without a race.
The circuit has granted permission to the new operator to enhance its facilities with shopping malls and entertainment venues, potentially appealing to Liberty Media, the sport’s owners. Representatives from Liberty Media are expected to visit Istanbul after Ramadan to assess the circuit.
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