• German Grand Prix

New funding makes Nurburgring optimistic about F1 future

ESPN Staff
August 3, 2012 « Boullier gives Raikkonen nine out of ten | Sauber not worrying about possibility of losing Perez »
The Nurburgring is one step closer to securing its future © Sutton Images

Officials at the Nurburgring are confident F1 will return to the venue next year after the circuit secured funding from its local government to help service its €330 million loan.

Reports last month said the circuit faced bankruptcy as its holding company was unable to pay the debts it had incurred while building new facilities at the venue. However, the Rhineland-Palatinate's state government has now agreed to release €254 million of funds to the circuit to give it time to sort out its financial situation as it emerged that the circuit's interest payments were amounting to €47,000 a day.

Over the Hungarian Grand Prix weekend, Bernie Ecclestone said the German Grand Prix would go back to Hockenheim for a second consecutive year if a solution could not be found. But according to the Frankfurter Allgemeine Zeitung officials are now confident the Nurburgring will be able to continue to alternate with Hockenheim.

"I am very optimistic that Formula One will come to the Nurburgring again next year," Jorg Linder, a director of the circuit's holding company, said.