27 Oct 2011

Russia announces plans for F1 circuit

8:00 am on 27 October 2011

The Russian government plans to spend nearly $250 million building a motor racing circuit in Sochi to host the country's first Formula One grand prix in 2014.

The track itself will cost that much again and the rest of the money will come from sponsorship and private investors.

Formula One's supremo Bernie Ecclestone signed a seven-year deal with the regional governor last year to stage a Russian Grand Prix in Sochi from 2014 until 2020.

The Black Sea resort is also hosting the 2014 Winter Olympics.