This year’s Russian grand prix is in danger of last-minute collapse, Russian media and Germany’s Frankfurter Allgemeine Zeitung newspaper report.
Sochi is scheduled to host its second consecutive race in October, but organisers are reportedly desperately hoping for a 64 million euro bailout by the government in Moscow amid a deep economic crisis.
"If there is no credit, there will be no formula one," said Veniamin Kondratiev, the interim governor of the Krasnodar region.
The reports said 20,000 tickets for the 2015 Russian grand prix have been sold to date.
But Kondratiev explained that, amid the crisis, funding for schools and funding are being prioritised.
"We will not use our regional funds for formula one," he insisted.