Jan.5 (GMM) Plans for a formula one race on the Balearic Islands are still progressing.

Mid last year, it emerged that Llucmajor, a short drive from Mallorca's major Palma airport, was the likely site for the project, which would replace the European grand prix at Valencia.

The German-language Mallorca Zeitung reports that organisers are now seeking investors to fund the first race in 2012, with the estimated cost at between 160-200 million euros.

"The project would help not only the local community but give the whole island a tremendous economic boost," said Llucmajor mayor Joan Jaume.

The track's local designer Gabriel Palmer has been criticised for his inexperience, but he said he has consulted with the Ferrari team.

"I have included their (Ferrari's) corrections in my current draft," said Palmer.

The head of the Balearic racing federation and mayor Jaume have already met with F1 chief executive Bernie Ecclestone, and F1 event guru Philippe Gurdjian has reportedly also been involved.

"Ecclestone was enthusiastic and encouraged us to pursue the project," said federation president Agustin Arbex.

He also revealed that September 2012 has been earmarked for the inaugural race date.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version