Commercial rights holder Bernie Ecclestone has said for some time that an F1 event in Russia was high on his list of priorities and has now made the trip to Russia to conclude a deal.
“According to the document, Russia has the right to stage Formula One races in the Krasnodar region over six years with a prolongation for another five years,” Putin explained.
Russia initially planned to build a Formula-1 track in Moscow, then nearby Moscow, and in St. Petersburg.
But Putin said none of the places have any chance.
“We shall hardly build two tracks for Formula-1,” he said.
Russia has been trying to host Formula-1 races since the late Soviet era.
“All the private projects that have been proposed until recently, failed. They lacked money as well as management,” Vedomosti cited F1 veteran commentator Alexei Popov as saying.
“Such an ambitious project became possible only due to the political will of high-profile officials.”
“After the Olympic Games and the World Cup, this is the most spectacular sports event.” Popov told Vedomosti.