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Russia signs 6-year deal to host F1 Grand Prix
SOCHI, Russia – Russia will host grand prix races near the Black Sea resort of Sochi starting in 2014 after signing a six-year contract with Formula One chief Bernie Ecclestone on Thursday.
Ecclestone and a regional Russian construction official penned the deal in Sochi, which is also hosting the 2014 Winter Olympics. Russia's Prime Minister Vladimir Putin met with Ecclestone and attended the signing.
Russia has tried to get on the F1 circuit before, but former Moscow Mayor Yuri Luzhkov failed to reach an agreement with Ecclestone in 2002 to use the capital as a venue.
The six-year deal also includes an option to extend it for another five. Russian media reported that the deal would cost Russia at least $40 million a year.
"I sincerely hope that the Formula One is going to play a big part in what I can see happening in Sochi," Ecclestone said. "I'm sure the circuit can be a super circuit. It's all the things we need and wanted, and we are very happy."
The F1 chief praised the work of Russia's sports organizers, saying: "They are trying to build absolutely first-class facilities both for the Olympics and the Formula One."
SOCHI, Russia – Russia will host grand prix races near the Black Sea resort of Sochi starting in 2014 after signing a six-year contract with Formula One chief Bernie Ecclestone on Thursday.
Ecclestone and a regional Russian construction official penned the deal in Sochi, which is also hosting the 2014 Winter Olympics. Russia's Prime Minister Vladimir Putin met with Ecclestone and attended the signing.
Russia has tried to get on the F1 circuit before, but former Moscow Mayor Yuri Luzhkov failed to reach an agreement with Ecclestone in 2002 to use the capital as a venue.
The six-year deal also includes an option to extend it for another five. Russian media reported that the deal would cost Russia at least $40 million a year.
"I sincerely hope that the Formula One is going to play a big part in what I can see happening in Sochi," Ecclestone said. "I'm sure the circuit can be a super circuit. It's all the things we need and wanted, and we are very happy."
The F1 chief praised the work of Russia's sports organizers, saying: "They are trying to build absolutely first-class facilities both for the Olympics and the Formula One."
