Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sochi Unveils Its 2014 Olympic Bid Strategy

LONDON -- The Black Sea resort of Sochi unveiled details Friday of its bid to bring the Winter Olympics to Russia for the first time.

The $1 billion Sochi project is part of a wider $12 billion government-backed plan to develop the region's infrastructure and make the games "low-risk, delivered on-time and on-budget."

"Sochi will be the greatest social, environmental, and economic games in the history of the Olympic Games," bid chief Dmitry Chernyshenko said at the release of the three-volume, 470-page bid document in London.

Sochi trails rivals Pyeongchang of South Korea and the Austrian city of Salzburg in existing infrastructure, needing to build much of it from scratch. Pyeongchang and Salzburg failed in the race to land the 2010 Games, losing to Vancouver.

Chernyshenko said Sochi would offer the most compact games in history, with the ice-skating venues in the city and the ski venues at the resort of Krasnaya Polyana within 40 minutes by road or train, and athletes' villages within five minutes of venues in some cases.

Sochi will seek to emulate London's successful bid for the 2012 Summer Games.

"It's the prototype of our strategy in developing the 2014 bid," he said.

Chernyshenko dismissed any fears over security, saying a special program was being developed to ready the region for the games.

"Sochi is the summer residence of [Russian President Vladimir Putin] and I think that says it all," he said. Chernyshenko said Chelsea soccer club owner Roman Abramovich, magnate Oleg Deripaska and metals tycoon Vladimir Potanin were among the private investors involved in the bid.