Turkey's F1 success sets future precedence

The success of the first-ever Formula 1 Grand Prix in Turkey has proved that Turkey has what it takes to organize a world class sporting event, bringing a new air of confidence to the country. The benefits of the race are of great importance in terms of confidence to the country, which has its eyes on one day holding the Olympic games. Murat YalçıntaÅŸ, chairman of the Istanbul Chamber of Commerce (Ä°TO), who was instrumental in staging F1, said, "After the flawless completion of the grand prix Istanbul has to host the Olympics." YalçıntaÅŸ added, "Sunday's 90-minute-long Formula 1 race had been broadcast live in over 200 countries, which translated to $3.7 billion in free promotion for Turkey." Speaking to the Anatolian News Agency YalçıntaÅŸ said, "When added with pre-race programs in Istanbul, the whole campaign earned Turkey some $8 billion in free advertising through the international visual and print media." The cost of Istanbul Park came in at around $220 million including the access roads. The race itself attracted 110,000 spectators on Sunday, and including diehard Formula 1 fans who turned up on Friday's practice and Saturday qualification days, the total number of spectators reached 220,000. The Ä°TO chairman said of the 110,000 Sunday spectators, 50,000 were foreigners, who he said had spent some $100 million in Istanbul. Although 5-star hotels in Istanbul were fully booked, Milliyet newspaper said only 14,000 tourists had arrived through organized tours. Five more international motor racing events will be held at Istanbul Park before the end of the year.Â