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Shanghai set to host 2004 Formula One races
( 2002-10-21 15:54 ) (8 )

Shanghai signed a deal with Formula One chief Bernie Ecclestone on Monday to become the latest destination on the Grand Prix calendar.

The Shanghai International Circuit Co Ltd won the seven-year contract to host races, as a two billion yuan (240 million US dollars) circuit was expected to be completed by March 2004, just ahead of the start of that year's Formula One season.

"You can expect 100 percent support from me," Ecclestone said on the signing ceremony.

The circuit was designed to hold more than 200,000 spectators and also include a theme park.

The Shanghai track is China's second attempt to join the Formula One club, as the southern city of Zhuhai had a try about nine years ago but it failed to meet international standards in 1998.

The deal in Shanghai follows a move by the sport's governing body, FIA, to accept the Gulf state of Bahrain into the Formula One fold earlier this month. It too is slated to host its first race in 2004.

Aside from the new Formula One commitments to China and Bahrain, Moscow is also building a circuit while India, Dubai, Turkey and Egypt are bidding to convince Ecclestone and FIA president Max Mosley of their ability to stage races.