Turkish GP to be sold
Confirming the speculation of earlier this month, officials announced that 96.99 per cent of the $192m venue would be auctioned, with up to seven parties reportedly already interested in making bids.
Bids will be open from next Monday until mid-March, with F1 supremo Bernie Ecclestone then consulted about the victor.
''If the offers do not provide the operational vision that we desire or the sufficient financial conditions, (we) will continue to operate it,'' Chamber of Commerce chairman Murat Yalcintas vowed.
02/09/06 (GMMf1NET) Istanbul Park, formula one's newest venue and scene of the inaugural Turkish grand prix in 2005, appears to be for sale.
According to the business news publication 'Globes', Israeli shipping magnate and billionaire Sammy Ofer has ordered a feasibility study into the possible purchase of the newly Hermann Tilke-penned venue.
'Globes' said the track cost Turkish authorities $152m to construct, but has 'lost money on every event held to date', and contended that the circuit's budget reserves 'will soon run out'.
The Turkish government's 'Privatization Administration' is, indeed, expected to formally put the sale to tender in the next days.
Interestingly, Ofer owns ZIM, a shipping company that is sponsoring Midland's formula one team this year.
02/08/06 According to a report in the Greek media, the Israeli-owned Ofer Brothers group of companies is conducting a feasibility study on whether to take on the operations of the Istanbul Park Formula 1 circuit. The track cost more than $150m to construct and has lost money and the Istanbul authorities are keen to get it off their books. The Ofer Brothers are apparently looking at the venue to see if they can find a way of making the venue cost-effective, given that the government is understand to be paying the fees to the Formula One group.
The Ofer Brothers are a big Israeli company, based in London, which has involvements in real estate, property development, banking, shipping, technology and energy. It is worth noting that its Zim shipping company recently announced that it is be a sponsor of MF1 Racing. Grandprix.com