The Sochi Autodrom, which hosts the Russian Grand Prix, looks set to get a new owner.

The circuit, which is located in the Olympic Park at the edge of the Black Sea, is currently owned by the local administration under the guise of Center Omega,

However, according to reports in the Russian media the circuit, which has hosted Russia's round of the world championship since 2014, is about to have a change of ownership.

"The racetracks are being handed over, terms and conditions are currently being discussed," a spokesperson for the circuit told Tass.

According to the Russian government's website the track will become state owned or passed to a non-commercial organization, once certain legislation amendments have been prepared, in order that it is exempt from VAT.

The new owner will also be charged with popularizing the sport.

The contract to host the race, which was first signed by Vladimir Putin and Bernie Ecclestone in 2010, is held by South Russia's Krasnodar Territory and runs to 2025, the original deal having been extended last season.

In 2017, Center Omega, the Russian auto sport federation and VTB - the state-owned bank which is the title sponsor of the Grand Prix - registered Rosgonki (Russian races) whose aim is to organise future Grands Prix at the track.