Following Sochi’s announcement as the host city of the 2014 Winter Games in July 2007, Russia has also secured mega events such as the 2018 FIFA World Cup. Sochi itself will stage the country’s inaugural Formula One grand prix in the same year as the Games, and Sochi 2014 president, Dmitry Chernyshenko, has stated there is increasing competition for commercial dollars.
Sochi 2014 has already raised US$1.1 billion in commercial revenue to set a new benchmark for the Winter Olympics. That total is expected to rise to $1.3 billion, but Chernyshenko admitted that organisers have already missed out on a deal with Russia’s largest diamond company Alrosa, which has instead decided to target the 2018 World Cup. "The more Russia obtains the rights to stage major events the more competition there is," Chernyshenko told reporters. "The competitive environment is becoming tougher."
Meanwhile, Chernyshenko has moved to alleviate fears that Sochi’s Formula One preparations will affect Olympic planning. Russian Grand Prix organisers plan to utilise facilities developed for the Games and the Sochi 2014 chief has outlined the symmetry that runs between the events.
The International Olympic Committee (IOC) retains the right to postpone the race for a year if it believes the Games are at risk. However, speaking at the SportAccord Convention in London, Chernyshenko outlined F1 preparations are “well on track”.
He added: "It was decided the IOC will review the final feasibility study during May’s executive project review and they will see the real construction design document to realise the overlapping with the Olympic infrastructure. It is a great project in terms of creating the additional legacy and to grant the Olympic Park more post-Games activities.”
