Turkey could be hosting a Formula One race in 2005, according to the head of the country's motorsport federation, Mumtaz Tahincioglu.

After meeting government ministers Tahincioglu announced that they had agreed to provide land for a circuit, $27m (�17.2m) towards building costs and an annual $13.5m (�8.6m) for hosting rights.

There is currently no motor racing circuit in Turkey, but four cities - Istanbul, Izmir, Antalya and Kirsehir - are bidding to host the venue.

Formula One ringmaster Bernie Ecclestone visited Istanbul in March and reportedly told Turkish officials that if they built a track he would bring them a race.

Final decision

"Formula One is coming to Turkey in 2005," said Tahincioglu.

"We'll present the details of the candidates to Bernie Ecclestone and he'll make the final decision."

Tahincioglu forecast that the race would bring between $60-150m (�38.3-95.7m) a year in revenue to the country.

Formula One is planning to bring the sport to a number of new countries, with China a firm favourite to host a race.

Other countries in the running for races are Dubai, Bahrain and Egypt.