Formula One's Turkish Grand Prix is on the outs

Formula One and Turkey are apparently on the splits, as Turkish newspaper Haberturk claims that the Turkish Grand Prix won't take place in 2012. Istanbul chamber of commerce chief Murat Yalcintas reportedly told the publication "It looks like the Formula One race won't be held in Istanbul next year." The reported reason for the decision was that Formula One chief Bernie Ecclestone (above) raised the race fee from $13 million to $26 million; a price Istanbul doesn't appear eager to meet.

The paper claims that the reason for the decision has less to do with the rising cost of F1 and more to do with the fact that Ecclestone is interested in a 2012 race in Moscow. F1 has made no formal announcements regarding a foray into Moscow or the future of the Turkey race.

[Source: Bloomberg | Image: Clive Mason/Getty]

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