Formula 1 rip up $67 million-a-year agreement with Russian GP promoters

Formula 1 have ripped up its agreement with the Russian Grand Prix, which is bad news for Vladimir Putin and his $366 million track.

Formula 1 have ripped up their agreement with the Russian Grand Prix promoters and say the country will not have a race in the future.

Formula 1 have ripped up their agreement with the Russian Grand Prix promoters and say the country will not have a race in the future.

It is another crushing blow for despot President Vladimir Putin, who was one of the key figures behind the race, The Sun reports.

Putin struck a deal with former F1 supremo Bernie Ecclestone to host the Russian GP in Sochi — the venue for the country’s Winter Olympics — from 2014.

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It was worth around AU$67 million a year to F1, who have acted swiftly following Putin’s invasion of Ukraine.

The sport was quick to cancel this year’s GP, which was due to be held in September, but they have now gone a step further to cancel their agreement in its entirety.

It means Putin will not see F1 race in his hometown of St Petersburg at the $366 million purpose-built track, which was due to host the GP in 2023.

It comes after Motorsport UK chief, David Richards, prevented Russian and Belarusian drivers from racing in the UK, including at the British GP.

Sergio Perez of Mexico driving at last year’s Russian GP. Photo by Bryn Lennon/Getty Images

Meanwhile, Haas are still weighing up what to do with their Russian driver Nikita Mazepin, whose father is a close friend with Putin.

But it has been confirmed that Mazepin will not be able to take part in this year’s British Grand Prix at Silverstone after Motorsport UK.

David Richards, Chairman of Motorsport UK said: “The entire Motorsport UK community condemns the acts of war by Russia and Belarus in Ukraine and expresses its solidarity and support towards all those affected by the ongoing conflict.

“We stand united with the people of Ukraine and the motorsport community following the invasion and the unacceptable actions that have unfolded.

“This is a time for the international motorsport community to act and show support for the people of Ukraine and our colleagues at the Federation Automobile d’Ukraine.”

This article originally appeared on The Sun and was reproduced with permission