The chief executive officer of Formula One Management, Bernie Ecclestone, and Russian Prime Minister Vladimir Putin have reportedly agreed a deal that will see a Grand Prix stage in Russia from 2014.

The initial six-year agreement will see a purpose-built track constructed at the site of the Olympic complex in Sochi, host of the 2014 Winter Olympic Games. Rights to the race are reportedly worth US$40 million per year, while construction of the track is expected to cost US$200 million.

"An agreement with the organising company has been reached," Putin told investors. "Russia has the right to stage races over six years with a prolongation for another five years."

An official announcement regarding the new deal is expected to be announced shortly.

source - sportspromagazine.com