Oct.14 (GMM) Russian president Vladimir Putin is due to sign the contract for a 2014 grand prix in the resort city Sochi on Thursday.

It emerged last weekend that F1 chief executive Bernie Ecclestone had agreed terms for the race, to be held on a bespoke circuit, and was only waiting for the agreement to be formally signed.

"When the appropriate person from Russia signs it, I will sign it the next day," he told the Kommersant daily.

The Bloomberg news agency said the contract due to be signed by Putin is for an initial seven years, with an option for a further five grands prix beyond 2020.

Ecclestone said Russia's annual fee would be about $40 million, comparable to what new hosts Singapore and Abu Dhabi pay. Kommersant said the Sochi circuit would cost about $200 million.

In 2014, Sochi - located in Russia's southern federal district - is also due to host the Winter Olympics.

Putin is also backing Russia's bid for the 2018 World Cup, with Sochi earmarked for a stadium.

In March, he announced Russia's support of the country's first formula one driver Vitaly Petrov in the form of Lada backing for the Renault team.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version