Istanbul's return to F1 denied

Turkish Prime Minister Recep Tayyip Erdogan decided not to approve the Formula 1 deal in Istanbul in 2013, local Hurriyet daily news reported Wednesday.

The F1 race in Istanbul known as the Turkish Grand Prix is not going to happen due to a lack of agreement on the annual cost, said F1 supremo Bernie Ecclestone, reports Xinhua.

According to the report, the Turkish Grand Prix fell apart after Erdogan's disapproval to the project which was supposed to receive $13 million of state funding.

Turkey joined the F1 calendar in 2005 but was dropped in 2012 following a disagreement with Ecclestone over the funding to stage the race.