India set to host grand prix in 2009

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NEW DELHI, India -- Formula One is set to stage a grand prix in 2009, the president of the Indian Olympic Association (IOA) announced on Thursday.

"We have received a letter in this regard from Bernie Ecclestone, CEO of Formula One. The IOA will be the promoter and the first event will be held in 2009," Suresh Kalmadi told a news conference.

"We are planning to hold the race around New Delhi and we are looking to identify suitable land for a track."

Kalmadi said the IOA would raise necessary financing through government or private funds.

"We have an agreement in place, a formal contract will be signed once things move forward," he said.

The letter from FOM to Kalmadi stipulates the IOA must sign the contract and submit financial guarantees for the event by Sept. 30, 2007.

"They (FOM) have been trying for 15 years to stage a Formula One event in India, but had not succeeded," Kalmadi said.

"The IOA will be a promoter of the event and it will be our responsibility to raise the necessary finances though government and private funds," he added. "It's a tough task, but we're hoping to meet the challenge."

Ecclestone has identified the sub-continent as one of the growth areas for motorsport's premier class, with interest in India gathering pace after local driver Narain Karthikeyan drove for Jordan in the 2005 season.

He is currently a test driver for Williams and has attracted huge sponsorship in India.

"India is a country that is probably going to grow quicker than China," Ecclestone said in London in November.

Viewing figures for Formula One on Indian television are also strong, with fans displaying the same passion they reserve for the country's most popular sport -- cricket.

New Delhi is also due to host the Commonwealth Games in 2010.

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