Nurburgring future seems to be in hot waters according to reports – Formula 1 news
Nurburgring GMbH, administration of Nurburgring circuit, is on the fringe of getting bankrupt as they have been denied a subsidy of 13 million Euros by the European Commission.
The administration of the circuit owes more than 300 million Euros to the state bank of Rhineland Palatinate, which they used for the maintenance of the circuit in 2009. However, Ernst and Young, an auditing company, has estimated the net worth of the track
to be 126 million Euros.
If Nurburgring GMbH goes bankrupt, the company would be held responsible for all the signed contracts. However, the 2012 Formula 1 season will not be affected because the German Grand Prix is scheduled to be held in Hockenheim.
If Nurburgring goes bankrupt, then the German GP in the 2013 season might have to be scheduled at Hockenheim, the other F1 circuit in Germany. In addition, the boss of Hockenheim Georg Seiler has offered to host the German GP every year if the need arises.
He has also stated that if Nurburgring is available to host races, he will be happy in hosting races alternatively. Previously, the races were held alternatively in Nurburgring and Hockenheim.
Seiler told Auto Motor und Sport, “I do see a possibility that F1 comes back every year at Hockenheim. But then everything would have to agree: 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.”
There are two circuits in Germany, Nurburgring and Hockenheim where German GP is scheduled alternatively every year. Nurburgring was built in 1984 and consists of four configurations which can be used as required. The major events that Nurburgring holds
are German GP, European Grand Prix, Luxembourg Grand Prix, Superbike World Championship, Deutsche Tourenwagen Masters, 24 Hours Nurburgring, 1000km Nurburgring and VLN.
Hockenheim is hosting Formula 1 German GP since 1970. It is mainly a flat track situated in Rhine valley, with a length of 2.842 miles. The major events that Hockenheim holds are German GP and Deutsche Tourenwagen Masters.
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