Sochi says Russian GP on track, IOC to review plans

LONDON (Reuters) - Formula One's first Russian Grand Prix is on track for 2014 and will complement rather than hinder the Winter Olympics in Sochi that year, a top official said on Tuesday.

Dmitry Chernyshenko, president of the Sochi organizing committee, told reporters at the SportAccord convention in London that the International Olympic Committee (IOC) would review plans next month.

The IOC has said it does not want construction or preparation for the Games to be put at risk by the F1 project in the same city and claims the legal power to order a postponement for a year should it see fit.

Chernyshenko felt all would be fine.

"It's well on track," he said of the grand prix.

"It was decided that the IOC will review the final feasibility study at the forthcoming executive project review in May and they will see the real construction design document to realize the overlapping with the Olympic infrastructure.

"It's a great project in terms of creating the additional legacy and to fulfill the Olympic Park with the post-Games activities," he added.

Race organizers plan to use some of the same facilities built for the Games in the Black Sea resort.

"This (F1) is a great attraction to speed up and attract the potential owners of the commercial property that will be built," said Chernyshenko.

"We are going to build about 20,000 rooms for the Games, some will be apartments. They should be on sale with some clear reason why people should buy them. Such regular events like Formula One...will attract the commercial buyer.

"There are pure endorsement and mutual benefits for both Olympic Games and Formula One project," said Chernyshenko. "It (the race) will not impact on the timeframe of the preparation for the Games."

(Reporting by Alan Baldwin; Editing by Mark Meadows)