In February 2012, Argentine president Cristina Fernandez de Kirchner announced that negotiations were coming to a close to bring the Grand Prix back to the country by 2013, this time at a street circuit to be created in the seaside resort city of Mar del Plata, scotching stories which surfaced in December 2011 that suggested a new circuit, being constructed at Zárate, was to target F1. Contracts were expected to be signed in May 2012, but this did not happen. Bernie Ecclestone, commercial rights holder of Formula One, said "we are open to racing in Argentina when I can deal with serious people".