Russian finance group VTB has been named as the new title sponsor for the Formula 1 Russian Grand Prix for 2017, set to take place on April 30.
Russia first joined the F1 championship calendar back in 2014, with the Sochi Autodrom being constructed in the city that hosted the Winter Olympics earlier that year.
For 2017, the race will feature a title sponsor for the first time, with an announcement being made by the VTB Group and F1 officials on Thursday.
As per a statement on the official F1 website: “The company’s branding has been included in the race’s logo and VTB has obtained additional advertising, marketing and communication options.”
“The right to be the title sponsor of such a major international project opens up new opportunities for both VTB Group and the Russian round of the FIA Formula One World Championship,” first deputy president and chairman of VTB management board Vasily Titov said.
“I am confident that our cooperation will become an example of an effective sponsorship in the area of motorsport for many companies. We are looking forward to seeing everyone at the 2017 Formula 1 VTB Russian Grand Prix in Sochi on 28-30 April.”
“The 2017 Formula 1 VTB Russian Grand Prix is not only a great event to attend to enjoy high-tech sporting battles and a wide range of entertainment, but is also a business platform of the highest level,” race promoter Sergey Vorobyev added.
“We are grateful to Bernie Ecclestone for making the decisions necessary for the development of this partnership and look forward to successfully working with Chase Carey and the new Formula 1 management team.”
Carey became F1’s new CEO last month following Ecclestone’s resignation, and was pleased to confirm the deal for VTB to become the Russian Grand Prix’s title sponsor.
“We are delighted to welcome VTB into the Formula One family as it becomes Event Title Partner of the Formula 1 Russian Grand Prix,” Carey said.
“VTB’s involvement will only add to the continued success of the event and we look forward to this being the start of a long and successful relationship.”