The promoter of the Russian Grand Prix has issued a statement in reaction to reports in Russian media concerning bankruptcy of "Formula Sochi".
"The promoter of the Formula One Russian Grand Prix is OJSC "Center "Omega". The contract to host the Formula 1 Russian Grand Prix from 2014 until 2020 was signed on October 14th, 2010 in Sochi.
OJSC "Formula Sochi" was established for the promotion, the organization and the staging of sporting events, including the promotion of the Formula 1 Russian Grand Prix, on October 13th, 2011. Several events were held for the purposes of the promotion of the Russian round, including a series of show runs in Sochi (2011 Formula Sochi and 2012 Formula Sochi).
Later on, in March 2013, OJSC "Center "Omega" began to promote and organize the Grand Prix on its own. In August of the following year, OJSC "Formula Sochi" was liquidated in accordance with the instruction of the Head of Administration of Krasnodar Region.
This decision was made for the purposes of the complex implementation of the Formula 1 project and minimization of the total expenses for the Russian Grand Prix, since OJSC "Center "Omega" has been in charge of the construction of Sochi Autodrom and has been the holder of the race staging contract, it also has had the personnel and the finances required.
The successful staging of the first Formula One World Championship round in Russian history, organized by the OJSC "Center "Omega", which has received the FOM award as the best round of the season at the FIA General Assembly, and the effective commercial usage of the Sochi Autodrom have proven the efficiency of such decision.
The second Grand Prix will take place at Sochi Autodrom from 9 to 11 October, 2015. The preparations to the Russian GP are well under way."
Whatever the situation, it cannot be good that local media is making such claims after just one Grand Prix.