Shortly after the first Russian became a Formula 1 pilot, Bernie Ecclestone suggested the Black Sea resort of Sochi could host one of the Grand Circus races in autumn 2014. Russian officials demand guarantees.
"He [Ecclestone] suggests holding the first Grand Prix in autumn 2014," Vedomosti business daily quoted deputy regional development minister Yuri Reilyan as saying.
In the past few years, the Formula 1 chief executive has made attempts to give the sport a new home by signing contracts to host races in countries that are new to Formula 1 such as Bahrain, United Arab Emirates, Turkey and South Korea.
However, there have been signs that the strategy is not having the desired effect. This week, the future of the Turkish Grand Prix, which has had the lowest turnout of all races, was brought into question, when Ecclestone almost doubled the yearly fee to host the race.
Ecclestone nevertheless seems willing to go on with his plans to expand the Formula 1 map to the ex-Soviet space. After the economic downturn delayed indefinitely the construction of the Moscow Raceway, Ecclestone turned his attention to Sochi.
The deal to hold a Grand Prix in the 2014 Olympic host city, already described as "the world's most expensive development project" for its $30-billion budget, seems to be a juicy contract for Bernie.
But Russian officials fear that investors for the Sochi Grand Prix may find themselves on the same boat as those in Turkey.
Reilyan said that Russia was ready to give the green light to the construction of the circuit as soon as it receives Ecclestone's "guarantee that the race will definitely take place, and the circuit will not be abandoned in the future."
"Ecclestone gives no guarantees. He is signing a fat contract with the Grand Prix promoter to specify all possible aspects. The following clause is among the most important: the host party guarantees to regularly pay for the right to host a Formula 1 event," said Andrey Los, deputy editor-in-chief of Russia's oldest Formula 1 website.
"On the other hand, the contract, if signed, stipulates a long-term partnership. Ten years [of hosting a Grand Prix] is a normal, standard term, so the contract itself is a kind of guarantee," he added.
The construction of the raceway, to be built in the Imeretinskaya valley where the Olympic Park will be located, is roughly estimated at $200 million.
"It's too early to speak about the budget. The final project is yet to be worked out, it will be done by an organization committee to be established by the end of this year," Reilyan said.
The draft project of the Sochi circuit has already been agreed with Hermann Tilke, the designer of most modern Formula 1 motor racing circuits.
MOSCOW, June 7 (RIA Novosti, Yekaterina Shakhlovich)
