Formula One signs seven-year deal for Istanbul race

Turkey is expected to join the Formula One racing calendar in 2005.

A seven-year agreement was signed Friday in London, Turkey’s Automobile and Motor Sports Federation said.

Turkey is scheduled to break ground next month on a $60 million Formula One track in Istanbul. Federation president Mumtaz Tahincioglu said the track will be completed by March 31, 2005.

“Fears that the track won’t be finished are definitely out of question,” said Mehmet Yildirim, president of Istanbul’s Chamber of Commerce, which is sponsoring the project.