India has reached an agreement with Formula One boss Bernie Ecclestone to stage a Grand Prix in Delhi in 2009, Suresh Kalmadi, Indian Olympic Association (IOA) president, announced on Thursday.
Costs and logistics will be no issue, he said. "We have bsagged an F1 championship for India," Kalmadi said. "Costs would not be a problem… The IOA will be the promoter... and it will be our responsibility to raise the necessary finances..."
The "Indian Grand Prix" will not be a street race like Monaco, Kalmadi said. Delhi does not have a track, but can get one in two years, he added. "Whatever money we make from F1 will be used for promoting Olympic sport."
Narain Karthikeyan, former Jordan F1 driver and currently with Williams as test driver, told HT from Coimbatore: "It would be fascinating to race in India." He added, however: "Building an F1 circuit is not easy. If we want a race in 2009, work will have to begin right away."
The letter from Formula One Management to the IOA stipulates that the IOA must sign the contract and submit financial guarantees for the event by September 30, 2007. That’s a little over three months away.
As of now, nobody even has a clue on where the land to build an F1 circuit can be found in Delhi.