Prime Minister Vladimir Putin meets with Formula One CEO Bernie Ecclestone
A contract to organise a Grand Prix in Russia, one stage of the Formula One world championships, was signed on October 14, in Sochi. The Krasnodar Territory has officially received the right to hold races between 2014 and 2020 with a possible extension for five more years.
Krasnodar Governor Alexander Tkachyov and the Formula One CEO, Bernie Ecclestone, signed the contract in the presence of Prime Minister Vladimir Putin.
The contract provides for the construction of a race track meeting the requirements set by the International Automobile Federation for highest-level competitions in the national Formula One stage. A track for the Grand Prix of Russia will be built in the Imereti Lowland’s Olympic Park.
The project opens up new possibilities for the use of infrastructure built for the 2014 Olympic Games. Formula One’s experience of hosting national Grand Prix competitions shows that they draw an average of 100,000 tourists, one-third of which are international visitors. Higher profile races attract up to 200,000 visitors.
The contract will also give an impetus to the sports infrastructure of the Krasnodar Territory.
Formula One is among the top three most popular sporting competitions. In terms of audience, it is surpassed only by football world cups and the Olympic Games.
