MOSCOW: The Russian government plans to spend nearly US$200mil building a motor racing circuit in Sochi to host the country’s first Formula One Grand Prix in 2014, a senior government official said on Wednesday.
“The federal government has allocated 5.846 billion roubles (US$195.4mil) for this project,” Alaxander Ivanov, deputy governor of the Krasnodar region, told reporters. He said the construction of the track itself will cost about US$200mil.
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