Istanbul Park prepares for new races in 2026 with new management

ISTANBUL

The new management of the Istanbul Park circuit, which has hosted the Turkish Grand Prix many times before, has been determined.

Can Science Education Institutions, a subsidiary of Can Holding, emerged as the sole bidder in the tender for Istanbul Park's Formula 1 track, in Istanbul’s Tuzla district, winning a 30-year contract.

The bid made to the General Directorate of Foundations stipulates that Formula 1 races must commence within a month of contract signing or face penalties of nearly $9 million annually.

The Istanbul Park's land was put out to tender by the Culture and Tourism Ministry for 30 years at an estimated cost of $117.8 million.

According to the tender specifications, the company is expected to pay $272,000 as monthly rent to the General Directorate of Foundations, the land's owner, for the construction period in the first year.

Notably, Intercity, the current track operator, initially expressed interest in the tender but ultimately did not submit a bid. This decision came despite earlier assertions of readiness to continue operations for another 30 years.

The General Directorate of Foundations had required Intercity to guarantee that Formula 1 would be held at Istanbul Park within one month of signing the contract.

The specifications stipulate not only the operation of the Formula 1 track but also the construction of a shopping mall, adventure park, automobile museum and entertainment center within Istanbul Park.

Meanwhile, Formula 1 CEO Stefano Domenicali is expected to engage with the winning bidder, likely after the Ramadan Feast, to discuss adding Istanbul Park to the 2026 calendar.

While the annual cost of putting a Formula 1 race on the calendar varies from country to country, the amount requested for Türkiye is estimated to be around $36 million.