A deal to host at least seven Russian grand prix in Sochi beginning in 2014 has been reached, the country's president Vladimir Putin announced on Thursday.
A deal to host at least seven Russian grand prix in Sochi beginning in 2014 has been reached, the country's Prime Minister and former president Vladimir Putin announced on Thursday.
"An agreement with the (sport's) organising company has been reached," he told investors in the Black Sea resort city, according to the state news agency Ria Novosti.
F1 chief executive Bernie Ecclestone was reportedly also in Sochi to sign the contract.
"In order to organise the work properly, we should create a management company here, in our country. It should consist of private national companies," Putin added.
The report said some of Russia's biggest companies, including the state enterprise Rostekhnologii, mobile phone operator Megafon, oil company Lukoil and aluminum giant Rusal will invest in the circuit that could cost $200 million.
Nikolai Fomenko, boss of Marussia, said last month that he planned to bring the Russian sports car maker into F1 in 2012. The company already sponsors the Virgin team.
"The signing of the agreement to stage a grand prix in Sochi will help put a Russian team in F1," said Igor Yermilin, an official of the Russian Motor Racing Federation.