F1 in Russia: 200 million dollars allocated for the new Sochi circuit

The Russian federal government has committed to investing a significant budget in view of the first Formula 1 Grand Prix in Russia in 2014. The Ria Novosti agency reports that the Sochi circuit, located on the Black Sea coast, will be built with a budget close to 200 million dollars.

And the deputy governor of the Krasnodar region, Alaxander Ivanov, told Reuters: “The federal government is allocating $195,4 million for this project.”

Several more millions will be obtained from sponsorships and private investors. In contrast, this weekend's Indian GP was financed exclusively by the private company Jaypee and the 2013 race in New Jersey will also receive no state funding.