However, a spokesman for the billionaire industrialist swiftly denied the suggestion.
German magazine Der Spiegel has reported that the drill-bit will be used by the football mogul's company Infrastruktura to dig tunnels to improve the infrastructure around the Black Sea resort of Sochi – where the 2014 Winter Olympics are scheduled to take place.
Even without being used to drill a tunnel under the Bering Strait, it has been suggested the device could make more than a billion dollars a year by leasing it out.
The drill-bit will be made by German firm Herrenknecht AG, who were involved in the construction of the Channel Tunnels
source:http//www.ice.org.uk (retrieved on 15/4/2008)