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Turkey Will Lose F1 Rights Next Year Over Race Fees, HT Reports

April 22 (Bloomberg) -- Turkey won’t be hosting a Formula One grand prix next year after a request by Chief Executive Bernie Ecclestone to double race fees was rejected, Haberturk said.

The government said the $26 million payment sought by Ecclestone to keep the race in Istanbul was too high, the newspaper reported. The current cost is $13 million, it said.

“Formula One says goodbye to Istanbul,” the headline in Haberturk read.

Eccelestone is increasing the fee to levels that Turkey won’t accept because he wants to host a race in Moscow in 2012 instead, the newspaper reported.

“It looks like the Formula One race won’t be held in Istanbul next year,” said Murat Yalcintas, head of the city’s chamber of commerce, according to Haberturk.

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To contact the reporter on this story: Mark Bentley at mbentley3@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

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