The organisers of the Indian Grand Prix rebutted reports that the 2014 Formula One race in the country was in danger of being scrapped from the calendar due to financial constraints, saying that they are committed to fulfill their contract.
The success of last season's inaugural Indian Grand Prix has convinced organisers they can build both a long-lasting legacy within Formula One and break even on their substantial outlay within "five to seven years".
German driver Sebastian Vettel was awarded the World Champion trophy for the second consecutive year, while Sameer Gaur of Jaypee Sports International (JPSI) received the Formula One Promotional Trophy for hosting a successful inaugural Indian Grand Prix at a glittering FIA Prize Giving Gala ceremony.
FMSCI, the national governing body for motor sport, today said that time has come for the Indian government to understand the economic benefits which the Formula One race brings to the country and lend more support to the event by waiving the import duty on equipments that came along with it.
Buddh International Circuit, which played host to India's first Formula One Grand Prix on October 30, has been awarded the 'Motorsport Facility of the Year' award at the Professional Motorsport World Expo 2011, held in Cologne, Germany.
Deccan Chargers captain Kumar Sangakkara was presented with a complimentary pass of the F1 Indian Grand Prix 2012 to mark the commencement of the sale of tickets for the mega-event, scheduled to take place at the Buddh International Circuit (BIC) in Greater Noida on October 28.
Instead of shelling out Rs 35,000 for a three-day combined grandstand ticket, Formula One fans can now watch the main race on the final day for Rs 15,000.
The circuit for next year's Indian Grand Prix will be ready in time and tickets for the first Formula One race in the country will go on sale by the end of this year, an official said on Thursday.
The promoters of India's inaugural Formula One Grand Prix in 2011 are in talks with MotoGP bosses to bring the world motorcycling championship to the country, a company spokesman said on Tuesday.
Sunday's Indian Grand Prix will go ahead as scheduled after the Supreme Court deferred hearing in a case seeking its cancellation over tax issues to next week.
Indian Grand Prix organisers have confirmed that Sunday's race will go ahead even though the country's top court has agreed to hear a petition on Friday seeking its cancellation over tax issues.
Getting Formula 1 back to the Buddh International Circuit (BIC) is not on the priority list for the debt-ridden Jaypee Group but at the same time, it has no plans to sell the USD 400 million facility that put India on the world motorsport map, said track chief Sameer Gaur. "Yes, we are not thinking of hosting any big race including F1 in the near future because of reasons well known but it doesn't mean we are open to selling the circuit. The thought has not even crossed our mind," Gaur, who is Jaypee Sports International MD and CEO, told PTI. The BIC has been away from the limelight ever since the race was dropped from the F1 calendar following three editions from 2011 to 2013. The maintenance cost of the circuit remains high and with no major international race being organised, a handful of domestic events besides vehicle testing days contribute to its running cost.
A deal has been done for India to return to the Formula One calendar in 2015 and for six years beyond that if tax problems with the country's authorities can be overcome, commercial supremo Bernie Ecclestone said on Saturday.
The chief executive officer-cum-managing director of Jaypee Sports International Sameer Gaur is hopeful that the Indian Grand Prix Formula One race will make a grand comeback in 2015 after being pulled off in 2014.
The Indian Formula One Grand Prix is expected to return in 2016 as a "fruitful" meeting between F1 boss Bernie Ecclestone and race promoters has prepared the ground for the comeback of the high-profile event.
The future of Indian Grand Prix might be uncertain after this year's race but host Jaypee Sports International Limited's CEO Sameer Gaur says the country will not lose the Formula One event and will surely have two more races.
The 2014 Indian Grand Prix was on Tuesday dropped following a rejig in racing calendar for the coming year, according to race organisers JPSI, who said the motorsport extravaganza will now come back to the country in March 2015.
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