Russian Grand Prix agreement

Russia signs a 6 year deal to host F1 Grand Prix.

It was announced yesterday that the Russian Grand Prix is to take place near Sochi on the Black Sea. Putin has said that the F1 is the most prestigious competition in motor sport, which has become even more popular in Russia since its first F1 driver Vitaly Petrov hit the scene. Starting in 2014, the contract is for 6 years, with an option to extend for a further 5. The agreement reportedly cost the Russians around 28.4 m euros a year.

Bernie Ecclestone has been trying to take the F1 to Russia since 1982, previously failing to reach agreements to organize it in St Petersburg or Moscow. The Sochi site is already under construction for hosting the 2014 Winter Olympics, which may push the first Grand Prix back to 2015. Known as the Russian Riviera, the resort is to get a "Monte Carlo" style makeover. The Monaco Grand Prix may be the F1 flagship circuit, but the Russian event may become unbeatable for bling and glitz.

Sochi agrees deal to host Russian Grand Prix [1]