Unfortunately Grand Prix Formula One races will not be organized in Istanbul anymore (at least in 2012). This is a bad news for some because it was an important revenue for the city.
The first Formula 1 race in Istanbul started in 2005 and lasted for 7 years until this year. In the last few years its visitors dropped and organizers couldn't attract enough visitors to help keep the races going, and revenues declined. Therefore in 2012 (and most probabily forever) Istanbul leg of the Grand Prix is taken out of the race calendar.
Just wanted to inform Formula 1 fans..