F1 Indian Grand Prix contract in place till 2015 says JPSI

Jaypee Sports International (JPSI), promoters of the Formula 1 Indian Grand Prix, have stated that the event is contracted to be held till its 2015 edition at least.

Speaking to autoX , a spokesperson was responding to the comment by Formula 1's commercial rights holder and head of Formula One Management Bernie Ecclestone during the Hungarian GP weekend where Ecclestone expressed doubts over the event's future from 2014 itself.

"We do not have any communication from Formula one management in this regard," read a statement issued by JPSI. "Our agreement to hold F1 races at Buddh International Circuit is valid till 2015, and we are keen to hold the races at least till then. We hope whatever issues  are there, they will be sorted out soon."

Despite the success of the inaugural event in 2011 and the following year, the event has seen its fair share of controversy over its brief stint on the F1 calendar already.

Issues regarding land acquisition to those regarding customs and taxation that see every team get taxed on 1/19th of their revenues have frequently made headlines more often than on-track events.

The calendar for the 2014 F1 season will be issued in September following the meeting of the International Automobile Federation (FIA) meeting of its World Motor Sport Council.

Russia, Austria and a second race in America are expected to be included on the calendar with Germany and now India expected to be under threat despite unsuccessful venues like Korea and China secured.