Indian GP Unlikely Until Promoter Jaypee Group's Finances Improve

Indian F1 Grand Prix CEO Sameer Guar said that the shelved event is "unlikely to return to the Buddh International Circuit until the financial health of its debt-ridden promoter Jaypee Group improves," according to the PTI. Gaur, who had earlier said that "taxation issues surrounding the race will have to be resolved for it to return, now says the Jaypee Group will try to get the race back after the conglomerate is back on track." The "total debt of the Group" is estimated to be around Rs 75,000 crore ($11,274). Jaypee Sports Int'l CEO Gaur said, "There are no immediate plans to get the race back. The main focus is on improving the overall health of the Jaypee Group. As in when the economic scenario improves, we will think about the race." Getting the race back "looks like a herculean task." Even when the tax issues are sorted out, Jaypee "would have to cough up a huge amount as licensing fee to FOM." It is believed that the Group "shelled out" around $40M each year for the three races (PTI, 6/16).