German Grand Prix 'in trouble'
Bernie Ecclestone believes the future of the German Grand Prix is in doubt after he failed in a $50 million bid for the Nurburgring, according to a report in City AM.
The historic Nurburgring alternates hosting the race with Hockenheim, but is up for sale after taking out a $370 million loan for redevelopment in 2009. Ecclestone made the bid in January but admits the future of the race is now up in the air.
"The German Grand Prix is in trouble because they haven't got any money," said Ecclestone. "It is in trouble because it used to be supported by the council but now the European Commission has said people can't use that sort of money for this sort of thing. On Wednesday they are going to make up their mind whether to accept the offers. None is from me. When I go to an auction I want to leave a bid, which is what I did, and somebody could offer more. I don't know what's happening there."
The three remaining bidders reportedly include an American group, German automotive company Capricorn and investment firm H.I.G Capital. A decision is due to be made on Wednesday.