Efforts to bring back the once-celebrated Turkish Grand Prix at Istanbul Park have shifted into high gear.

Last month, reports from Tass news agency surfaced that FIA president Mohammed Ben Sulayem visited the nation amidst initiatives by local authorities to "hold a tender for the reconstruction and management of the Istanbul Park circuit."

According to the Hurriyet newspaper, a stipulation for the successful tender applicant "will include the mandatory annual organisation of the Formula 1 GP starting in 2026."

"(Another) condition was put forward that the company that wins the tender will have to enter into an agreement with Formula 1 within one month."

Haberturk, another prominent Turkish publication, reports that the tender process has concluded, with Pirelli's Turkish arm, Pirelli Otomobil Lastikleri AS, emerging as the new circuit manager and future F1 promoter.

The article, which references a lease agreement worth $118 million over 30 years, mentions that representatives from Liberty Media are expected in Istanbul soon to "make statements."

"Formula 1 is an extremely prestigious organisation," Pirelli Turkey's chairperson Lale Cander stated. "It brings tremendous amounts of money to the host country and enhances the country's prestige. The last time F1 was in Miami, $450 million was brought to the city in four days. There will be countries that will be removed from the race calendar in 2026, so races can be held again in Turkey," she elaborated, hinting at the significant economic impact and the anticipated return of F1 races to Turkish soil.