The agreement is conditional only on the payment of a rights fee - thought to be $30 million - by the end of September. Indian motor sport figure Vicky Chandhok, also in London, confirmed: "Kalmadi is meeting Bernie to sign a time-bound deal to construct an F1 track."
The deal does not guarantee a race, but it is the next step in bringing formula one to India in 2009 or 2010. (GMM)