Russia's Black sea resort city of Sochi will host a Formula-1 Grand Prix races in 2014-2020, a business daily said on Thursday.
Vedomosti daily said the governor of the Krasnodar region, Alexander Tkachev, will sign a contract on Thursday with the president and CEO of Formula One Management and Formula One Administration, Bernie Ecclestone. Russian Prime Minister Vladimir Putin will also take part in the ceremony of signing the contract.
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.
Some of Russia's largest companies, including Rostekhnologii, mobile provider Megafon, LUKoil, and RusAl, may invest $300-$600 million in the construction of an F1 track, Vedomosti said.
MOSCOW, October 14 (RIA Novosti)