Private companies to pay Russia GP race fee

The race fee for the Russian grand prix will be paid entirely by private investors in 2017.

Until now, the state has been deeply involved with the running of the race in Sochi, which since 2014 has been attended by president Vladimir Putin.

But the Russian news agency Rambler reports that responsibility for the race fee, payable to F1’s commercial rights holder each year, will now be handled privately.

Russian deputy prime minister Dmitry Kozak confirmed that the major investors are Lukoil, a major Russian oil company, VTB, a finance bank, and aluminium company Rusal.

"Now the contribution is paid by Lukoil, VTB, Rusal and many other companies. A pool of about ten investors," he said.