Russia announces £125m to build F1 circuit
The Russian government plans to spend nearly £125 million building a motor racing circuit in Sochi to host the country's first Formula One grand prix in 2014, a senior government official has confirmed.
"The federal government has allocated 5.846 billion roubles (£122) for this project," Alaxander Ivanov, deputy governor of the Krasnodar region, told reporters. He said the construction of the track itself will cost about £125m.
The rest of the money will come from sponsorship and private investors, officials said.
Formula One supremo Bernie Ecclestone signed a seven-year deal with the regional governor last year to stage a Russian Grand Prix in the Black Sea resort from 2014 until 2020.
Sochi is also hosting the 2014 Winter Games and the opening race could be put back a year if it hinders preparations for the Olympics.
However, with Prime Minister Vladimir Putin backing the Formula One project, Russian officials have been optimistic that all the infrastructure would be built on time.