F1 bankrupts another race promoter

According to AR1.com sources, the F1 Russian GP promoter filed for bankruptcy in the Arbitration Court of the Krasnodar region this past Friday. The company is 100% owned by the Krasnodar Territory said the Department of Property Relations. The arbitrator is trying to recover 2.5 million Rubles from the previous owners of the company – Alexander Bogdanov and Sergei Bondarenko, as well as ex-business manager Alexei Belousov. Bogdanov led the company from August 2012 to April 2013.

According to the plaintiff, the defendants "acted in violation of public law, in accordance with the objectives of its activities and made unreasonable expenditures of money.