Russian Grand Prix organisers have responded to claims the company promoting the event has filed for bankruptcy, therefore putting the race in jeopardy.
Reports emerged in Russian media and then picked up by European publications, claiming “Formula Sochi” has been declared bankrupt. Whilst that is true, promotional rights for the race were handed over to “Center Omega” last year.
Therefore the Russian Grand Prix, which runs until at least 2022, isn’t under threat according to Center Omega, which clarified the reports on Monday.
“In August of 2014, Formula Sochi was liquidated in accordance with the instruction of the head of administration of the Krasnodar Region,” confirmed a statement from the organisers.
“This decision was made for the purposes of the complex implementation of the Formula 1 project and minimisation of the total expenses for the Russian Grand Prix, since OJSC “Center Omega” has been in charge of the construction of Sochi Autodrom and has been the holder of the race staging contract, it also has had the personnel and the finances required.
“The successful staging of the first Formula 1 World Championship round in Russian history, organised by the OJSC “Center Omega”, which has received the FOM award as the best round of the season at the FIA General Assembly, and the effective commercial usage of the Sochi Autodrom have proven the efficiency of such decision.
“The preparations to the  Russian GP are well under way.”