Oct.14 - Russia agreed the F1 calendar in 2014 following Prime Minister Vladimir Putin met with Bernie Ecclestone at in Sochi where the race will be held. A Russian Grand Prix has long since been on the list of Ecclestone’s Formula One Management (FOM) company, with a race now planned to take place at a brand-new facility – as reported previously – close to the Black Sea resort city of Sochi, where the 2014 Winter Olympic Games will be staged.It is also believed that Ecclestone has produced a first draft of the F1 contract with Russian Prime Minister Vladimir Putin. At present, it is being reported by national newspaper Kommersant that the country’s government will pay an annual fee of approximately 40 million US dollars (25 million pounds) for the event.
The cost of the venue has been estimated at close to 200 million US dollars (125 million pounds).
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