It's official, Russia will get a Formula 1 Grand Prix in 2014. Actually, the 2014 Russian Formula 1 Grand Prix will be just the first one in a series of at least seven races. Former Russian President and current Prime Minister, Vladimir Putin, has announced that an agreement has been signed with Formula 1 of seven Grand Prix races which will be held in Sochi from 2014.
Reports say that Formula 1 chief executive Bernie Ecclestone was also Sochi for signing the agreement.
The Russian Formula 1 race circuit will be built in Sochi and will cost the country around 200 million USD. The main investors in the huge F1 projects will be Megafon, a mobile phone
operator, the Lukoil oil company, the Rusal aluminum manufacturer and Rostekhnologii, a state owned company.
Apart from having a Formula 1 Grand Prix in 2014, it's almost certain that Russia will have a racing team in the sport.
