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The Nürburgring has been declared bankrupt by the Minister-President of Rhineland-Palatinate Kurt Beck, who explained the situation during a press conference in Mainz on Wednesday. The Eifel circuit is currently unable to repay its debts and has seen a request for financial assistance rejected by the European Union.
The venue, which is ninety percent owned by the Rhineland-Palatinate, faces a debt of 300 million euros (235.8 million pounds) after a substantial renovation in 2009. The German state was hoping to avoid bankruptcy by filing for an emergency loan of 13 million euros (15.9 million pounds), but saw its bid for financial support turned down.
If the situation cannot be resolved, the current rotation deal between the Nürburgring and Hockenheim could change. Hockenheim boss Georg Seller said that although he is open to the idea of an annual race, he would prefer the biennial system to remain.
"If this request is coming, I think it is possible to have a race in Hockenheim every year," he said. "But then clear financial arrangements must be made. I do not think it's so easy going. However, we would find it great if the race would continue its rotation."
Next year's German Grand Prix is scheduled to take place at the Nürburgring.
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