The future of one of Germany's two Formula One grand prix venues is uncertain as the Nürburgring faces possible insolvency. The news was confirmed on Wednesday at a press conference in Mainz by Kurt Beck, the state governor for the Rhineland-Palatinate area.
According to reports, Nürburgring GmbH, which operates the 90% state-owned circuit situated 35 miles west of Koblenz, owes the Rhineland-Palatinate bank around £235m for redevelopment in 2009.
Despite applying to the European Union's Executive Commission for an emergency loan of £10m to cover interest repayments, that is not expected to be granted. 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".
The Nürburgring stages the German Grand Prix on a rotational basis with Hockenheim, the scene of this weekend's race. However, the uncertainty surrounding the track would appear to put their hosting of next year's event in jeopardy.
Hockenheim's owners had previously suggested they could no longer afford to stage the grand prix on an annual basis. The managing director, Georg Seiler, has now suggested, though, it could potentially do so if certain conditions were met.
Speaking to Auto Motor und Sport, Seiler said: "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."
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