Sochi's Olympic Park F1 circuit, the venue for the Russian Grand Prix, is in the process of changing owners according to Russia's Tass agency.
The Black Sea resort's track complex is currently owned by the regional administration’s "Center Omega" enterprise, an entity 100% owned by the government of South Russia’s Krasnodar Territory.
According to a statement on the Russian government’s official website however, legislation amendments are currently being prepared to make the racetrack state-owned or to hand it over to a non-commercial organization, exempt from the value-added tax.
The new owner’s statutory goal will be to "popularize and hold the FIA Formula 1 world championships."
The amendments are to enter force in July 2019.
According to earlier reports, a non-commercial organization ‘Rosgonki’ (Russian races) was registered in Russia in 2017, with an aim to organize future Formula One races in Sochi.
Its founders are Center Omega, state-owned VTB bank (title sponsor of the Sochi event) and the Russian auto sport federation.
The Russian Grand Prix appeared on the F1 calendar in 2014. The event's contract was extended in early 2017 and runs until 2025.
This year's race will return to an autumn date and take place on September 30.
Gallery: The beautiful wives and girlfriends of F1 drivers
Keep up to date with all the F1 news via Facebook and Twitter
The key to Max Verstappen's remarkable Sao Paulo Grand Prix recovery was not simply his…
Lando Norris had more than a third victory of the season to celebrate in Sao…
Mercedes has reclaimed the Formula 1 Constructors' Championship, ending a four-year wait to return to…
Lando Norris kept his nerve through a treacherous, rain-hit Sao Paulo Grand Prix to claim…
Full race results from the São Paulo Grand Prix in Brazil, round 20 of the…
A chaotic, marathon qualifying session stretching over two and a half hours under relentless rain…