Russia's entry to Formula One (F1) will encourage the establishment of an elite-level Russian racing team, the vice president of the Russian Federation of Auto Sports said on Thursday.
Russia signed a multimillion dollar agreement with F1 on Thursday to stage a Grand Prix near the Black Sea resort of Sochi between 2014 and 2020. F1 CEO Bernie Ecclestone came to Sochi to ink the deal.
Racer and CEO of sports car maker Marussia Motors, Nikolai Fomenko, said last month his company would compete in F1 in 2012.
"The signing of the agreement to stage a Grand Prix in Sochi will help put a Russian team in F1," Igor Yermilin told RIA Novosti.
Sochi's racing circuit will give the country's motor sports a new lease of life because it will be in operation all year round, Yermilin said.
Russia has never staged an F1 race before and previous bids to bring the sport to the country have fallen through.
MOSCOW, October 14 (RIA Novosti)
