Sochi denies financial problems threaten F1 race in 2016

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MOSCOW (AP) The promoter of the Russian Grand Prix denies that its place on the Formula One calendar is in jeopardy because of financial problems.

Sergei Vorobyov tells Russia’s Tass agency that “we have no problems whatsoever,” and that F1 “is in Sochi for years to come.”

He concedes there is debate over how best to proceed.

His comments follow reports in local media that the regional government will pull all funding from the race next year following a change in government leadership. Deputy governor Igor Galas told the RBC business news agency last week that “we will not bear the costs for the next Formula One round.”

The Russian GP moves to May next year after the first two races were in October.