Russian Formula 1 race plans in turmoil
Formula Sochi, the organiser behind Russia’s bid to join the Formula calendar, has reportedly gone bankrupt.
The new circuit designed by Hermann Tilke is being constructed in preparation to host a round of the F1 World Championship next year.
It is understood that the promoter and circuit builder Omega will take over preparations and see the project through to its end goal.
The 5.95km circuit is being built in a precinct that will include venues for the 2014 Winter Olympics.
Last month F1 boss Bernie Ecclestone visited the circuit at a time when he also met with Russian president Vladimir Putin.
The circuit is located in the Krasnodar region of Russia on the Kuban river about 148km from the Black Sea port of Novorossiysk.