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.
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