i1 series to be postponed due to elections
The nascent i1 Super Series has run into a strange roadblock that has put off its launch by at least two months. Sukhwant Basra reports.india Updated: Jan 05, 2012 23:43 IST
The nascent i1 Super Series has run into a strange roadblock that has put off its launch by at least two months.
"Due to the Uttar Pradesh elections, the Buddh International Circuit has been asked by the district administration not to have any public events close to the dates of polling. As such, we have to postpone our whole calendar since the Indian race is central to the interests of team owners and sponsors," said Darshan M, CEO, i1 Super Series.
Gautam Buddh Nagar, where the track is located, goes to polls on February 28. The i1 Series was scheduled at the Indian circuit on February 25 and 26.
Darshan also revealed that he has got seven franchises on board. "We have reduced the cost of the franchise from the earlier $5 million (Rs 26.5 crore) to 3.5 million (Rs 18.54 crore)."
He was reluctant to reveal the names of people who have come on board as, "negotiations are in the final stages".
The Series will only be in a position to announce fresh dates after the precise days for using the Indian circuit have been finalised. "We are looking at an event towards the end of March now," said Darshan.
The total budget for the Series this year, according to Darshan, is in the vicinity of Rs 100 crore.
"There is no way we will be breaking even this year. We are looking long term."
First Published: Jan 05, 2012 23:42 IST