Formula One chief Bernie Ecclestone has confirmed the first Russian Grand Prix will take place in 2004.
It was expected a deal would be signed today for the race to go ahead next year, but Moscow Mayor Yuri Luzhkov explained the deal was postponed because several factors still need finalising.
"We have postponed the signing for a month because we do not agree on several points in the contract," Luzhkov said. He gave no further details.
The delay came at the last minute as a crowd of television crews prepared to film the signing ceremony. Ecclestone arrived in Moscow earlier this week to seal the agreement.
On his first trip to the Russian capital last May, Ecclestone promised a Formula One grand prix as soon as a suitable circuit was built.
"It is the FIA Formula One world championship and it's about time we had a round of this championship in Russia and, in particular in Moscow," said Ecclestone.
The Moscow circuit, projected to cost more than $100 million, is due to be built at Nagatino on a bend in the Moskva river a few kilometres southeast of the city centre.