Russian F1 Grand Prix Downplays Reports Of Promoter's Bankruptcy

The Russian F1 Grand Prix "has hit back at reports that its promoter is bankrupt," according to GMM. Early this week, a Russian court declared that the government-owned Formula Sochi company "is bankrupt, even though a contract to host the race through 2020 is still in place." But race organizers "have hit back," insisting that the actual promoter since '13 is OJSC Center Omega. In a statement, the liquidation of Formula Sochi "was confirmed," but Omega said that "it was not only in charge of the construction of Sochi Autodrom but also 'the race-staging contract.'" Omega added, "It (Omega) also has had the personnel and the finances required" (GMM, 6/3).