Russian GP organiser declared bankrupt

Wednesday 20th March 2013, 07:57 by TF1T Staff 

The organisers of the inaugural Russian Grand Prix, set to debut on the 2014 Formula One calendar, have been declared bankrupt by the local authorities.

SpeedWeek reports that mounting losses totalling £36 million ($55m) in the first year alone, led to the bankruptcy of Formula Sochi - which was set up 2001 with the sole aim of bringing F1 to the region.

A larger company, Omega, has absorbed Formula Sochi and its employees and will take over the rights to organise the race. The company's marketing director Dimitry Erofeev expects the race to go ahead as planned despite the change.

LATEST FORMULA 1 NEWS

mexican gp

Mexico signs five-year contract to host F1 race

LOTUS

Lotus already well into design of 2015 car

FERRARI

Ricciardo has no desire to race for Ferrari

MERCEDES

Wolff injured in Mercedes team building bike crash

german gp

German GP organiser blames Vettel for poor turnout

mexican gp

Mexico will return in 2015 confirms Ecclestone