Hockenheim looks unlikely to carry on staging the German Grand Prix after reporting a loss for the 2008 event of £5.1million.
German city holding talks with F1 supremo Bernie Ecclestone
Hockenheim looks unlikely to carry on staging the German Grand Prix after reporting a loss for the 2008 event of £5.1million.
The city's local government have announced that they are no longer prepared to help cover the losses from staging a Formula One race.
"We will not be the promoters any more," city mayor Dieter Gummer confirmed.
The decision was made at a stakeholders' meeting held on Tuesday night, though it does not definitely signal the end of F1 action at the track.
Gummer did confirm that the city would welcome outside investment to help continue their involvement, while he also stated that talks are ongoing with F1 supremo Bernie Ecclestone in the hope of finding a solution to the issue.
The German leg of the Formula One calendar is hosted in alternate years by Hockenheim and the Nurburgring, which will host the 2009 race on July 12.
