- Associated Press - Thursday, October 14, 2010

SOCHI, RUSSIA (AP) - Prime Minister Vladimir Putin says Russia has reached a deal with Formula One to host a Grand Prix race near the Black Sea resort of Sochi beginning in 2014.

Putin made the statement before meeting Formula One chief Bernie Ecclestone in Sochi, which is also hosting the 2014 Winter Olympics. Ecclestone and Russian officials plans to sign the deal later Thursday.

Russia has tried to get on the F1 circuit before, but former Moscow Mayor Yuri Luzhkov failed to reach an agreement with Ecclestone in 2002 to use the city as a venue.

The deal is believed to come at a cost to the Russians of at least $40 million per year for five years, including an option to extend for another five.