The Russian government intends spending £125m on the track scheduled to host the country's first Grand Prix.

The event at Sochi is due to take place in 2014, however, with the Winter Games taking place also that year also, the maiden Grand Prix could be delayed until 2015.

According to Reuters, the government, which has secured a seven-year deal with Bernie Ecclestone, and has the full support of Prime Minister Vladimir Putin, money will be no object and has already been put in place.

"The federal government has allocated 5.846 billion roubles ($195.4 million) for this project," said Alaxander Ivanov, deputy governor of the Krasnodar region. Further money is likely to come from sponsorship and private investors.

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Russia to spend £125m on Sochi track

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