German Grand Prix circuit Nurburgring future is uncertain as the circuit faces possible insolvency.
Wednesday press conference in Mainz by Kurt Beck reported that Nurburgring GmbH, which operates the 90% state-owned circuit situated 35 miles west of Koblenz, owes the Rhineland-Palatinate bank around £235million for redevelopment in 2009.
The firm is believed to be in debt to the tune of €413 million, while a report from Ernst & Young has valued the the facility at just €126 million.
European Union’s Executive Commission for an urgent situation loan of £10million to cover interest repayments that is not expected to be settled. In turn, that has forced the state to act, with Beck remarking there was now a “high probability of insolvency at the end of the month due to a lack of liquidity”.
Hockenheim’s owners had formerly suggested they could no longer afford to stage the grand prix on an annual basis.
Managing director Georg Seiler has now suggested, though, it could potentially do so if certain conditions were met.
Managing director Georg Seiler Speaking to Auto Motor und Sport: “At present there is no request.
“But if there is one, I do see a possibility that F1 comes back every year at Hockenheim. But then everything would have to be agreed: the cost side, the contract, the policy and much more.
“I do not know if this is all so easy to fulfil. Still, we would be happy if we would continue the alternation.”
All material and photos are copyrighted material and owned by their respective owners. Use or depiction of images or trademarks throughout this website is for illustrative and editorial purposes only.Images come courtesy of; ferrari.com, mclaren.com, Sahara forceindiaf1.com, redbull.com, mercedesgp.com, Caterham F1, toyota, Sauber, williamsf1, lotus, Marussia, HRT, getty Images,LAT, Reuters Pictures and AP Photos.