14/10/2010
NEWS STORY
As reported by Pitpass yesterday, F1 boss Bernie Ecclestone has today agreed a deal with Vladimir Putin which will see Russia host a round of the Formula One World Championship from 2014.
"We have reached an agreement with the principal owner of Formula One," Putin told a meeting of Russian business leaders at the meeting held in Sochi the Black Sea resort which will host the race.
However, Deputy Prime Minister Dmitry Kozak hinted that the inaugural race could delayed until 2015 as Sochi is scheduled to host the Winter Olympics in 2014 also.
Ecclestone, who has been trying to get Russian on board the F1 schedule for almost thirty years is delighted with the deal which was agree this morning when he met with Putin.
"It can be a super circuit, It's all the things we need and wanted and we are very happy," the Englishman told reporters. "They are trying to build absolutely first-class facilities both for the Olympics and Formula 1. I sincerely hope that Formula 1 is going to play a big part in what I can see happening in Sochi."
Putin, who had met with business leaders in an attempt to convince them to back the project, said: "For us it's an important event because it would be possible to use effectively everything we have created for the Olympic Games in 2014," said Putin.
The five-year deal, rumoured to be costing £25m a year (with annual increments). includes the option for a further five years.