Russian GP set for financial disaster

SOCHI, Russia - The 2015 Russian Formula 1 GP scheduled for October 11 is in danger of collapse according to Russian news media and Germany's Frankfurter Allgemeine Zeitung newspaper.

The Black Sea resort of Sochi was hoping to run its second consecutive race in but organisers are reportedly desperately hoping for a €64-million bail-out from the Moscow government amid a deep economic crisis.

NO MONEY, NO F1

Veniamin Kondratiev, interim governor of the Krasnodar region, said: "If there is no credit, there will be no F1."

The reports said 20 000 tickets for the 2015 GP had been sold but Kondratiev explained that, amid the crisis, funding for schools was being prioritised.

"We will not use our regional funds for F1," he insisted.