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Plans to bring Formula One to Russia by 2014 edge closer following govt. nod


October 27, 2011 - London

Multi-million pound plans to bring Formula One to Russia in 2014 have moved a step closer after government chiefs gave the proposal the green light.

According to The Sun, officials are set to design a circuit in the Black Sea resort of Sochi to rival impressive new courses already in place in Korea and Abu Dhabi. Alexander Ivanov, the deputy governor of Russia's Krasnodar region, said: "The federal government has allocated 125million pound for this project." The bulk of that outlay will go on the construction of the track itself and other funds will be raised from sponsorship and private investors.

Formula One supremo Bernie Ecclestone signed a seven-year deal with the regional governor last year to stage a Russian Grand Prix in the resort from 2014 until 2020.

ANI

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