The president of the Sochi organising committee has confirmed that work on Russia's first Grand Prix circuit is on track and will not, contrary to opinion, hinder work on the Winter Olympic programme.

With the Winter Olympics and the Grand Prix both due to take place in 2014, the International Olympic Committee had warned that that work on the Olympic site should not be compromised by the F1 project leading to speculation that the Grand Prix could be delayed until 2015.

However, speaking at the SportAccord convention in London, Dmitry Chernyshenko, president of the Sochi organising committee, said that all is going to plan.

"It's well on track," he said of the circuit. "It was decided that the IOC will review the final feasibility study at the forthcoming executive project review in May and they will see the real construction design document to realise the overlapping with the Olympic infrastructure. It's a great project in terms of creating the additional legacy and to fulfil the Olympic Park with the post-Games activities."

With organizers of the F1 race aiming to use numerous facilities built for the Olympics, he added: "This is a great attraction to speed up and attract the potential owners of the commercial property that will be built.

"We are going to build about 20,000 rooms for the Games, some will be apartments. They should be on sale with some clear reason why people should buy them. Such regular events like Formula One will attract the commercial buyer.

"There are pure endorsement and mutual benefits for both Olympic Games and Formula One project," he added. "It (the race) will not impact on the timeframe of the preparation for the Games."