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Bernie Ecclestone meets with Vladimir Putin to discuss Russian GP

Mar 8, 2014, 3:25 PM EST

Formula One Chief Executive Bernie Ecclestone arrives at the High Court in central London in this file photo Reuters

Earlier today, Formula One supremo Bernie Ecclestone and Russian president Vladimir Putin met to discuss this fall’s Russian Grand Prix, which will take place at the Sochi Olympic Park.

Putin acknowledged that work remains to be done to get the Sochi street circuit and its facilities ready to go for F1, but told Ecclestone that the Grand Prix is still on track.

“We will overcome [those issues],” Putin told Ecclestone according to AFP.

“It is very pleasing for me that the project is going to be a bright, beautiful addition to what was done in the preparations for the Olympic Games and the Paralympic Games.

“…We have been working on the project to bring Formula One to Sochi for a long time and it is moving to its full conclusion.”

The circuit is a 3.6-mile course that is being created around the venues of the Sochi Olympics/Paralympics’ “Coastal Cluster.”

CNBC recently got a brief look of the new track, which Russian officials surely hope will help them keep the Sochi Olympic Park from falling into “white elephant” status like other past Olympic venues have.

The Russian GP is set to take place on Oct. 10-12, 2014 as the 17th race on this year’s 19-race F1 World Championship calendar.

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