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Old 19th August 2005, 00:57   #1 (permalink)
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Sundays Grand Prix could raise $3bn in additional revenues

Turkey gears up to reap financial rewards of a grand prix
Daren Butler

Reuters

ISTANBUL — Turkey hosts its first Formula One grand prix this weekend and believes the event will generate serious money further down the road.

Sunday’s race at the $70m Istanbul Speedpark could eventually translate into $3bn in additional revenues for an already booming tourism sector, industry representatives say.

“This event will make a big contribution to this country and for the economy,” Prime Minister Tayyip Erdogan told a news conference yesterday.

“People talk about the financial value but you can’t put a value on it in terms of the publicity which it brings to the country.”

Turkey expects to generate about $18bn from tourism this year, and events such as Formula One are expected to provide a massive boost in terms of free advertising.

The arrival of Ferrari’s seven- times world champion Michael Schumacher and the rest of the grand prix circus is also being trumpeted as a major boost for Turkey’s global sporting profile.

Istanbul hosted a memorable Champions League final in May, with Liverpool coming from 3-0 down at halftime to beat AC Milan on penalties, and Sunday’s race will be watched by another huge global audience.

At the same time, officials are playing down security concerns fuelled by a series of bomb attacks across the country in recent months.

They say all necessary measures have been taken in a country used to holding international events from North Atlantic Treaty Organisation summits to the Eurovision Song Contest. The Aegean city of Izmir is currently hosting the Universiade world student games.

“We are ready for Formula One. Every measure has been taken in terms of security, customs, health, power and telecommunications,” Istanbul governor Muammer Guler said.


Sunday’s race will provide McLaren’s Kimi Raikkonen with a chance to close the gap on Renault’s championship leader Fernando Alonso. The Finn revived his title hopes by winning in Hungary last month, while Alonso failed to score.

Turkish attention is focused as much on the benefits of a global event watched in 200 countries and expected to attract 40000-60000 visitors and revenues of around $80m-$120m.

The event provides an opportunity to attract investment to the largely residential Asian side of Istanbul where the track is located and which often loses out to the European side of the city in investment terms.

Sporting prestige is feeding into growing Turkish self-confidence fuelled by a booming economy and anticipation of the start of European Union membership talks on October 3.

As well as the grand prix, Turkey already hosts a round of the world rally championship and will also welcome the first MotoGP race in Istanbul in October this year.

Even if Turkey has no grand prix driver, there will still be a home interest on race day when Jason Tahincioglu does a demonstration run in a Jordan after trying out the car at Silverstone this month.

Tahincioglu, who races in the junior British Formula Renault series, is son of Turkish motorsport federation head Mumtaz Tahincioglu.


The undulating 5,4km circuit has been designed by German architect Hermann Tilke, the creative force behind Malaysia’s Sepang, Bahrain’s Sakhir and the lavish Shanghai track.

The country has invested 300-million new lira (about $220m) in the track, surrounding infrastructure and roads and the preparations have drawn praise from the sport’s commercial supremo, Bernie Ecclestone.
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Old 21st August 2005, 13:59   #2 (permalink)
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Smile Re: Sundays Grand Prix could raise $3bn in additional revenues

Am watching the Grand Prix in between surfing. What an absolutely fabulous event and great credit to Turkey!! Even if you're not a fan of F1 you must be impressed.
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Old 21st August 2005, 14:01   #3 (permalink)
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Thumbs down Re: Sundays Grand Prix could raise $3bn in additional revenues

Be even more impressed if it was being shown in full on Turk TV!

DoH!!
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Old 21st August 2005, 14:06   #4 (permalink)
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Re: Sundays Grand Prix could raise $3bn in additional revenues

watching on KANAL D in turkish but a great track and race very fast, well done Turkey!!
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Old 21st August 2005, 15:51   #5 (permalink)
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Re: Sundays Grand Prix could raise $3bn in additional revenues

Quote:
Originally Posted by GarryP
“People talk about the financial value but you can’t put a value on it in terms of the publicity which it brings to the country.”
Nice touch By the Prime Minister Tayyip Erdogan, presenting the winners trophey!

You can't buy that kind of publicity!!!

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