IOC have the power to postpone Sochi Formula One GP until 2015

THE INTERNATIONAL Olympic Committee have the power to postpone the 2014 Formula One Grand Prix in Sochi if they feel it could hamper preparations for the Winter Olympics just a few months earlier, according to executive director Gilbert Felli.

POWER TO POSTPONE: Gilbert Felli insists the IOC have the power to postpone Sochi's Formula One race in 2014 to 2015 (Getty Images)

On Wednesday Felli gave Sochi's preparations to host the 2014 Winter Olympics the thumbs up as it sets about sparing no expense and building the venues from scratch at the Black Sea resort.

But speaking after the IOC executive board meeting in Lausanne, he confirmed that his organisation had obtained an escape clause that could see Russia's first ever F1 Grand Prix postponed until 2015.

"It is good to have the F1 Grand Prix in Russia and Sochi," said Felli. "However, we do not want to have the facility, built for the grand prix, to put construction or preparation for the Games at risk.

"When we learned the Grand Prix could be organised in 2014 we wanted to know if it is an issue. In the contract they (the Russian F1 race organisers) signed there is an escape that if the IOC decides it is not feasible then it could be rescheduled in 2015."

Last month mayor of Sochi Anatoly Pakhomov moved to allay fears that the city could not host two events of such high profile so close together.

"There is every intention to ensure that the F1 race will go ahead as planned in 2014," Pakhomov said.

"However, I don't foresee any slippage of the race into 2015 being necessary."

Commenting on Sochi 2014's preparations Felli added: "We are happy with where we are. It's a difficult project but we can see today that 40 per cent of the construction is finished, and at the end of the 2011, 70 per cent of construction will be finished."