Russia Signs Deal to Host a Formula One Race

Topics:  Russian Grand Prix

VOA Breaking News (Voice of America)
October 14, 2010 at 1:50 pm

Russia signed a deal with Formula One chief Bernie Ecclestone Thursday that will allow the nation to host a Grand Prix race near the Black Sea resort of Sochi starting in 2014. That is the same year that Sochi will host the Winter Olympics.

Russian Prime Minister Vladimir Putin met with Ecclestone and attended the signing, saying construction of the racetrack will give the nation’s athletes a training facility.

Russia has tried to get on the F1 circuit before, but former Moscow Mayor Yuri Luzhkov failed to reach an agreement with Ecclestone in 2002 to use the capital as a venue.

The deal is said to cost Russia about $40 million per year for five years, including an option to extend for another five years.

Russia has its first Formula One driver this year in Vitaly Petrov at Renault.

Some information in this story was provided by AP and Bloomberg.