Sochi on track for F1 debut in 2014 image

Russia’s drive to land major sports events in recent months including the 2018 soccer World Cup and a Formula One race has cut into sponsorship plans for the Sochi 2014 Winter Olympics, its chief organiser said on Tuesday.

The IOC has said it does not want construction or preparation for the Games to be put at risk by the F1 project in the same city and claims the legal power to order a postponement for a year should it see fit.

Dmitry Chernyshenko, president of the Sochi organising committee, told Reuters that the IOC will review the plans next month.

“It’s well on track,” he said when asked about F1.

“There are pure endorsement and mutual benefits for both Olympic Games and formula one project,” added Chernyshenko. “It (F1) will not impact on the timeframe of the preparation for the Games.”

“This (F1) is a great attraction to speed up and attract the potential owners of the commercial property that will be built,” said Chernyshenko.

“We are going to build about 20,000 rooms for the Games, some will be apartments. They should be on sale with some clear reason why people should buy them. Such regular events like Formula One…will attract the commercial buyer.