Following the announcement of forthcoming Indian, US and Rome Grand Prix within the next years, Rusian Prime Minister Vladimir Putin has signed a 6-year contract with Bernie Ecllestone for a Russian Grand Prix since 2014 in Black Sea resort of Sochi.The deal, reportedly worth $40 million a year, secures the organisation of a Russian Grand Prix on a purpose-built circuit outside the city of Sochi in South russia, that would also host the 2014 Winter Olymics. Bernie Ecclestone commented about the agreeent at CBSSports.
"I sincerely hope that the Formula One is going to play a big part in what I can see happening in Sochi. I'm sure the circuit can be a super circuit. It's all the things we need and wanted, and we are very happy. They are trying to build absolutely first-class facilities both for the Olympics and the Formula One."
Putin confirmed that the infrastructure for the Winter Olympics would continue to be used by the return of F1 year-after-year and was happy to finally bring the sport to Russia after a failed bid to hold a race in Moscow in 2002.
"Formula One isn't only the most prestigious competition in motorsport, but it also demonstrates achievements in car manufacturing. For us it's an important event because it would be possible to use effectively everything we have created for the Olympic Games in 2014."
Reports suggest there is an option to extend the deal by five years to take the race through to 2024 but the deal is likely to be good news for Russia's first F1 driver Vitaly Petrov, who has received the support of his country's government and is currently in negotiations to stay at Renault next year and he is backed by Russian sponsorships.
However, with the Indian Grand Prix taking the season to Ecclestone's self-imposed limit of 20 races per year, there are still questions as to which old Grand Prix will be replaced by the new deals
