Tuesday April 10th, 2001
Plans to build a Formula One circuit in Russia were given the green light on Tuesday by local authorities, following the agreement reached last December.
The agreement was signed last year by Moscow City representatives and the chairman of the developing group TWR, Tom Walkinshaw, who also owns the Arrows Formula One team.
The cost has been put at about $100 million as the government hopes to launch Russia into the forefront of international motorsport.
The circuit will be located on Nagatino Island, a few kilometres south of the Kremlin, and it is expected to be ready in two years.