The Sochi Autodrom, venue for the Formula One motor-racing series’ Russian Grand Prix, is set to fall under new ownership.

The Autodrom is currently owned by the regional administration’s Center Omega venture. However, a spokesperson for the enterprise told state news agency Tass that plans are in the works for a new backer to take control.

“The racetracks are being handed over, terms and conditions are currently being discussed,” the spokesperson said.

Tass added that the Russian government is currently preparing legislation amendments to make the circuit state-owned or hand it over to a non-commercial organisation which would be exempt from value-added tax. The amendments are to reportedly enter force in July 2019.

In February 2017, Russian GP organisers agreed a five-year extension to their Formula One race deal, taking the contract through to 2025.

Russia’s previous race deal, running from 2014 to 2020, was signed by then Prime Minister Vladimir Putin and the sport’s chief executive at the time, Bernie Ecclestone, back in 2010.

The Russian GP is staged in Sochi, on the site of the 2014 winter Olympic and Paralympic Games, and this year’s event is scheduled for September 28-30.

Image: Katherine Lake