AIS: AIS to Help Develop Track in Russia

Russia's Former Deputy Prime Minister Enters Into Agreement With Pan American Motorsports, Inc. For Race Track Development in Sochi Salt Lake City - Following months of discussions, Pan American Motorsports, Inc. parent of the...

Russia's Former Deputy Prime Minister Enters Into Agreement With Pan American Motorsports, Inc. For Race Track Development in Sochi Salt Lake City - Following months of discussions, Pan American Motorsports, Inc. parent of the American Indycar Series has entered into an agreement with "Sochi-Ring LLC" to assist in the design and development of an international racing circuit to be located outside Russia's southern most major city, Sochi, on the Black Sea. Valery Serov, Russia's former Deputy Prime Minster and Pan American Motorsports, Inc. have reached the agreement after months of discussions regarding the feasibility of the project. Sochi, population of 500,000, was selected because it is Russia's southern most city and located in a subtropical zone. Sochi continues to have stable economic conditions which have aided in the recent development of a number of major hotels, including a Radisson Hotel. Sochi experiences an annual influx of more than 3 million tourists. The Sochi-Ring Race Circuit will be built in the Imeritinskaya Valley on a site adjacent to the Black Sea and 10 km from the Adler International Airport. Construction is scheduled to begin on June 1, 1999 with the construction period to consist of 12-18 months. Original plans call for 5032 meter oval (approximately 1 mile) and a road racing circuit of 2.85 km (1.8 miles) which includes portions of the Oval. Funding for the facility will consist of a combination of state and city funds as well as private funds raised by Sochi-Ring, LLC. Pan American Motorsports, Inc. has been offered the opportunity to operate and manage the Sochi-Ring Racing Circuit on behalf of Sochi-Ring, LLC. Consideration of this preliminary offer will be evaluated as this new racing circuit is constructed. For the present, Pan American Motorsports, Inc. has committed to provide technical and engineering expertise for the design and construction of the Sochi-Ring Racing Circuit.

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Series Other open wheel